Following two days of meetings in Washington, D.C. last week, Treasury Secretary Steven Mnuchin announced the United States and China have put on hold the 25 percent tariffs that each country had proposed.
In April, the U.S. proposed 25 percent additional duty on 1,300 tariff lines of Chinese products. The tariffs were to be implemented following an investigation that found the Chinese government had unfair intellectual property practices in place. Following the tariffs proposed by the U.S., Beijing retaliated with 25 percent proposed tariffs on 106 U.S. exports to China.
The proposed tariffs were tabled while the countries put together a framework to address the trade imbalance. However, the U.S. has said the tariffs will proceed if negotiations are not successful.
Deringer will continue to monitor and report on the U.S.-Chinese trade discussions. Please send an email to Deringer’s Compliance Department if you have specific questions.