December 16, 2019
IMPORTANT TRADE UPDATE re: China Negotiations and USMCA
- Last week, the White House announced a Phase One trade deal with China.
- The new agreement leaves the current 25 percent Section 301 tariffs on Lists 1, 2 and 3 untouched – the tariffs that most substantially impact NAFEM members.
- The agreement also reduces the tariffs on List 4A from 15 percent to 7.5 percent. List 4A tariffs primarily impact the smallwares side of the industry.
- The new agreement also further postpones the planned Dec. 15 List 4B tariffs, which largely affect consumer electronics and apparel, i.e., holiday gifts.
- Additional details, including customs instructions, will be provided when the agreement is published in the Federal Register.
- NAFEM is watching for more information and will share the details when they become available.