Trade Update

The following is the update on tariffs.

Yesterday, President Trump signed the Phase One China Trade Deal.  The full text of the agreement can be viewed here and the Chapter Fact Sheets can be viewed here.  A copy of the White House statement with agreement highlights can be viewed below.

The American for Free Trade Coalition press release, of which Gemini Shippers Group is a member, can be viewed here.

The List 4A tariff reduction was not included in the text of the deal or in the fact sheets.  USTR has published a Federal Register notice on its website that states the tariff reductions from 15% to 7.5% will happen at 12:01 AM on February 14.  The notice will be published in the Federal Register later this week.

President Trump also indicated today that there won’t be any further tariff reductions until a Phase 2 agreement is signed.  Some press reports indicate a Phase 2 deal won’t be completed until after the election.