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US confirms tariff increases on Chinese goods from March 2019
Published:2018-12-30   Have been here 76   Source:泓威国际物流

The US authorities have confirmed that the increases in tariffs on Chinese goods, initially scheduled to take effect from 1 January 2019, will now be implemented in March next year.

This is in keeping with a recently agreed, 90-day temporary trade truce between the US and China.

In a notice posted on the Federal Register yesterday, the Office of the United States Trade Representative said that “in accordance with the direction of the President'.......“the rate of additional duty for the products covered by the September 2018 action will increase to 25 % on 2 March, 2019”.

The US imposed raised dutieson Chinese products with an annual trade value of approximately $200 billion by 10% from 24 September 2018 and  which are currently in effect.

In a statement issued at the beginning of the month,  following a meeting between President Trump, and President Xi Jinping of China, the White House said the two leaders had agreed  “to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture”.

It added: “Both parties agree that they will endeavour to have this transaction completed within the next 90 days. If at the end of this period of time, the parties are unable to reach an agreement, the10% tariffs will be raised to 25%.”

Earlier this month, Lloyd's Loading List reported that the frontloading of US imports from China in a bid to beat China-US tariffs next year was likely to lead to record container imports this quarter.

The latest Container Trade Statistics data revealed that headhaul transpacific volumes in October rose 7.4% year-on-year to 1.62 million teu, giving lines and forwarders a healthy boost as the traditional peak season was extended into the fourth quarter (Q4).

And the latest US port figures support the trend noted by CTS. The monthly Global Port Tracker report produced by the National Retail Federation and Hackett Associates recorded record US box imports in October at retail ports and predicted further substantial year-on-year gains in November and December.

“Imports at the nation’s major retail container ports have set another new record, reaching two million containers in a single month for the first time as retailers continued to bring merchandise into the country ahead of a now-postponed increase in tariffs on goods from China”, said the report.

Jonathan Gold, NRF vice president for supply chain and customs policy said that although President Trump has declared a temporary truce in the trade war, these imports came in before the announcement was made.

“We hope that the temporary stand-down becomes permanent, but in the meantime there has been a rush to bring merchandise in before existing tariffs go up or new ones can be imposed. China’s abuses of trade policy need to be addressed, but tariffs that drive up prices for American families and costs for US businesses are not the answer”, he said.

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