The Administration recently announced intentions to implement $200 billion worth of additional tariffs on U.S. imports from China. This announcement (USTR-2018-0026) came after the Administration released a list of more than 6,031 product lines that will be charged a 10 percent tariff.
Administration officials said these new tariffs would not go into effect for at least two months. Once enacted, the newly proposed tariffs could impact a wide-range of economic sectors, including agriculture and automobile manufacturing.
The Administration initially announced intentions to impose tariffs on steel and aluminum imports on March 1, 2018. Since then, there have been many updates to additional tariffs (USTR-2018-0025), which went into effect July 6, 2018. You can read more about the tariff process here.
According to industry experts, approximately one in three containerized imports from China could be impacted by tariffs. Therefore, hundreds of billions of dollars of imports could be impacted by these latest measures. For the full list of imports that could be affected by the newest proposed tariffs (USTR-2018-0026), click here.
To be considered, you must submit comments and responses in accordance with the following schedule:
Given the narrow time frame, now is more important than ever to re-consider evaluation of your international supply chain activities.
Importers will need to make sure that they are partnering with a reliable third-party logistics provider. Ascent Global Logistics can help importers stay ahead of tariffs with solutions such as International Trade Compliance, Customs Brokerage and more.
Please contact us today or reach out to your Ascent Global Logistics representative directly to consider re-evaluating your supply chain.