Yesterday, President Trump tweeted that the tariff increases for Section 301 lists one, two, and three will be postponed to October 15th. Duties for the goods found on these lists are slated to rise from 25% to 30%, as reported in the Federal Register on September 3rd.
According to the tweet, the extension is a “gesture of good will” and because “China will be celebrating their 70th Anniversary on October 1st.”
For additional information on Section 301, please reference our August 30th trade alert, the USTR web pages, or contact Deringer’s Compliance Department.