President Donald Trump has announced further increases in existing and future tariffs on US imports from China. On Friday, August 24th, Trump announced via Twitter that $250 billion of Chinese goods currently being taxed at 25% would be subject to a 5% increase, 30% total effective October 1st. Additionally, the 10% tariff on $300 billion of Chinese imports expected to go into effect on September 1st will instead be implemented at 15%. This increase affects Tariff Lists 1, 2, & 3.
It was not immediately clear if certain products – such as laptop computers and other electronics – would face the higher 15% tariff from Sept. 1. Last week the president said the 10% tariff on electronics would be delayed until December 15th, well after holiday shipping has come to an end.
The move is seen as retaliatory, as Chinese officials announced earlier on Friday that US exports to China would be subject to additional 5 or 10% tariffs on $75 billion worth of goods, including soybeans and crude oil. These increased taxes are expected to go into effect on September 1st.
For the full text of President Trump’s announcement, please see Trump's Friday evening tweets.
OTS Astracon will continue to monitor the situation and provide updates as further information becomes available. Please contact your account representative if there are any questions.