September 19, 2018: The US and China have added new items to their existing punitive tariff lifts, set to take effect on September 24. This update will impact US goods shipping to China, and Chinese goods coming into the US.
The US has placed a 10% additional duty on imported goods from China that are valued at $200B USD, and include varied products such as food, chemicals, tires, building materials, textiles, and engines.
In response to this increase, the Chinese government has placed retaliatory tariffs on some 5000 items. 3,571 US imports will be subject to 10% tariffs as of September 24, and another 1,636 items will be subject to an additional 5% tariff.
These new tariff lists will bring more work for companies in both the US and China. There will also be an additional need to understand the increase in costs to supply chains and the expanded product base. While many companies may not have been affected by the first two rounds of tariffs, please carefully review the list above to plan accordingly. Time is limited until the rate increases go into effect.
Should you have any questions or concerns with the new round of tariffs, please reach out to BDP's Corporate Compliance Team.