An Executive Order detailing the tariff reduction agreement between the U.S. and China has been released, adding implementation dates to the previously announced tariff adjustments.
According to the order, the reduced reciprocal tariff will become "effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. ET on May 14."
Eligible entries for OTS brokerage customers will be updated as soon as possible.
Prior Release
The United States and China reached mutual agreement over the weekend to implement a plan to deescalate tariffs. The two parties commit to taking the following actions by May 14, 2025:
• The US will suspend its 34% reciprocal tariff imposed on April 2 for 90 days, and will instead retain a 10% tariff during that period.
• China will suspend its initial 34% tariff on the U.S. for 90 days, and will instead retain a 10% tariff during that period.
The US will also retain all duties imposed on China prior to April 2, 2025, including Section 301 tariffs, Section 232 tariffs, tariffs imposed in response to the fentanyl national emergency (IEEPA- Fentanyl), and Most Favored Nation tariffs.
O.T.S. will continue to monitor this fluid situation and provide updates as they become available. Please do not hesitate to reach out to your O.T.S. Sales Representative for more information.