As announced on Sunday, President Trump tweeted that the duty rates on the 3rd list of products (https://ustr.gov/sites/default/files/301/2018-0026%20China%20FRN%207-10-2018_0.pdf) will increase from 10 percent to 25 percent on Friday, May 10th, at 12:01 a.m. According to Steven Mnuchin, Treasury Secretary, and Robert Lighthizer, U.S. Trade Representative, China backtracked on some of the agreements they had previously made during their ongoing negotiations.
Additionally, a 4th tranche, or list, of products will be announced shortly which had not previously been hit with additional duty, but will be subject to an additional 25 percent tariff.
The U.S. and China are still planning to continue their negotiations in Washington, D.C., on Wednesday and Thursday of this week.
As soon as we receive additional details, we will advise.
