On May 29th, the White House announced the renewal of plans to impose 25 percent tariffs on $50 billion worth of Chinese goods. Just last week, the Section 301 tariffs were tabled while the countries negotiated. The Trump Administration announced that the final tariff list will be published June 15th, and “tariffs will be imposed on those imports shortly thereafter.”
The statement announced steps to protect domestic technology and intellectual property from China’s discriminatory trade practices, “stop noneconomic transfers of industrially significant technology and intellectual property to China, and enhance access to the Chinese market.” The US also requested that tariffs and taxes be reciprocal between the two countries in an effort to resolve long-standing issues and expand exports to China. The statement expounded that China should remove all of its trade barriers, which make it both difficult and unfair to do business there.
Deringer will continue to monitor the trade talks between China and the US. Please send an email to Deringer’s Compliance Department if you have specific questions.