The whirlwind tit for tat responses seem to have escalated even since our last News Alert late Friday afternoon. After China's announced retaliatory tariff increases on U.S. goods to mirror the latest U.S. two-tier increase on List 4 goods effective September 1st and December 15th, the U.S. Administration fired another volley Friday evening.
The information seems to be a little foggy at this point but the Journal of Commerce reported this morning that the 25% tariffs on $250 billion of Chinese goods will be moving to 30% as of October 1st. Also the recently set tariffs of 10% for $300 billion of Chinese good to be implemented on Sept 1, and December 15 2019 respectively, are apparently changing to 15%. We are awaiting confirmation of these details as to the rates, timing and procedures for implementation.
The situation is obviously quite fluid and the back and forth rhetoric seems to be adding fuel to the fire prompting more responses and more uncertainty for all business. We are continuing to follow it closely, make adjustments to our systems as needed to prepare for the rapid-fire changes and keep you advised.
Sorry to overload our clients and associates but want to do our best to keep you abreast of this volatile environment.
Please reach out to us if you have any questions.