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Latest Update: Section 301 Tariff Increases between the U.S. and China.

On April 3rd, The U.S. Trade Representative (USTR) released a proposed list of approximately 1,300 separate tariffs, all subject to an additional 25% duty as part of the U.S. Section 301 in response to China. 

Tariff Chapters included are: 

29 - chemicals
30 - medicines
40 - rubber, tires and conveyor belts
72 - iron & non alloy steel
73 - alloy steel
76 - aluminum
84 - machinery and mechanical appliances, 
85 - electrical machinery, television image and sound recorders 
86 - railway / tramway
87 - motor vehicles
88 - planes and helicopters
89 - boats
90 - glass and microscopes
93 - guns 

As you may know, on May 20th, Treasury Secretary Steven Mnuchin said that the new (Section 301) tariffs on products from China will be put “on hold while we try to execute the framework” of a deal with China.  As of today, May 29th, 2018, the news was released that the tariffs are back on.

The final list of covered imports will be announced by June 15th, 2018, and tariffs will be imposed on those imports shortly thereafter. The list of restrictions and controls will be announced by June 30, 2018.

Stay tuned for more updates.

 

 

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