US Delays Tariff Increase

On Friday, Oct. 11, President Trump announced that the U.S. and China have reached a "phase one" trade agreement and will not increase tariffs from 25-30% as planned on Oct.15. The preliminary agreement specifically impacts List One, List Two and List Three on the Harmonized Tariff Schedule, which includes industry-related components and materials used to manufacture lighting, machinery, musical instruments and accessories, and pro-audio products, among many other products.

It is expected that the first phase of the agreement will be signed when the president meets with Chinese President Xi Jinping Nov. 16-17 at the Asia-Pacific Economic Cooperation Leaders' Meeting in Chile. APEC is an inter-governmental forum for 21 Pacific Rim member economies that promotes free trade throughout the Asia-Pacific region.

The president said there will be a second phase of negotiations at a date and time yet-to-be-determined. For more specific updates about continuing trade actions, please go to the Office of the U.S. Trade Representative at: ustr.gov/issue-areas/enforcement/section-301-investigations/tariff-actions.