TRUMP THREATENS TO RAISE TARIFF ON CHINESE IMPORTS BY 15% TO 25%
TOC LOGISTICS INTERNATIONAL INC. would like to provide the following update regarding Chinese imports:
On Sunday, President Trump tweeted two statements that threatened to increase the 10% tariff on $200 billion in Chinese imports to 25%. The president indicated that this new rate may be in effect as of Friday, May 10. Additionally, the president announced his intentions to impose a similar 25% tariff on all imports from China that were not previously included in the 10% tariff bracket.
It is imperative that importers begin evaluating different methods to reduce the effect of these possible tariffs before they potentially take effect on Friday, May 10. However, discussions will be held with Chinese delegates later this week that may alter or negate these tariff increases. Still, until policies are made clear, we recommend that importers operate as if the 25% tariff is guaranteed, and that they seek out alternative options.
President Trump’s statements are as follows:
“For 10 months, China has been paying Tariffs to the USA of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods. These payments are partially responsible for our great economic results. The 10% will go up to 25% on Friday. 325 Billions Dollars of additional goods sent to us by China remain untaxed, but will be shortly, at a rate of 25%. The Tariffs paid to the USA have had little impact on product cost, mostly borne by China. The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!”
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