Market Updates

New Section 301 Tariffs Take Effect Sept. 24

Importers will have to pay an additional 10 percent on about 5,700 8-digit tariff lines starting Sept. 24, President Donald Trump announced on Sept. 17.

 

"If China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports," said Trump in the statement.

Roughly 300 tariff lines from the original July 10 list are fully or partially exempted from the tariffs, said a senior administration official during a call with reporters.

Smart watches, high chairs, car seats, play pens, paper sheeting for hospitals, rubber gloves, bicycle helmets and some chemicals used in textiles, manufacturing and agriculture, are among the products exempted from the tariffs, the administration said.

Network routers remain on the list, which still covers about $200 billion worth of imports from China in total, an official said.

The new tariffs will go up to 25 percent at the end of the year if China has not responded in meaningful negotiations, the senior administration official said. The delay is also designed to give companies a chance to find alternative sources, they said.

"If the tariffs go to 25 percent at the beginning of the year, you will have had almost six months to get your business ready," the official said.

Additional Resources:

Related Posts:

If you have questions:

Contact us!

Popular Posts