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China Imposes Tariffs Reductions
February 14th, Valentine’s Day, is quickly approaching and there is still time to get your beloved partner the perfect Valentine’s gift. The classics – flowers, chocolates, dinner and a movie, and jewelry are all great options. However, nothing says “Be Mine?” more than tariff reductions.
President Donald Trump’s plans to reduce tariffs on roughly $120 billion of Chinese imports from 15% to 7.5% will go into effect on February 14th. While they do include Valentine’s favorites such as negligees, chocolate, and wine, they also contain most apparel and footwear.
In return, on Thursday, February 6th, China announced that on Valentine’s Day, they will cut the additional tariffs placed on some $75 billion in key U.S. commodities in half. While not as wide-ranging (and certainly not as romantic) with regards to the type of goods, the China cuts will impact crude oil, natural gas, soybeans, pork and scrap metal among other things.
These reductions are a result of the phase 1 trade deal both countries signed on January 15th. Hopefully, as this on again-off again trade romance grows more intimate, we will continue to see more tariff decreases.
If you would like more information on tariff rates, or any other trade compliance-related item, please contact Allyn International at customs@allynintl.com
Contributor: Matthew Dreckman
About Allyn International
Allyn International is dedicated to providing high quality, customer-centric services and solutions for the global marketplace. Allyn's core products include transportation management, logistics sourcing, freight forwarding, supply chain consulting, tax management and global trade compliance. Allyn clients range from small local businesses to Fortune 500 firms. Allyn conducts business in more than 20 languages and has extensive experience in both developed and emerging markets. Highly trained experts are positioned throughout North and South America, Europe and Asia. Allyn’s regional headquarters are strategically located in Fort Myers, Florida, U.S.A., Shanghai, P.R. China, Prague, Czech Republic, and Dubai, U.A.E. For more information, visit www.allynintl.com.