As expected, the Trump administration has announced a new round of 25 percent tariffs on an additional $16 billion in imports from China. The new tariffs will go into effect on Aug. 23, on the heels of the tariffs imposed on $34 billion of Chinese imported goods – Section 232 on steel and aluminum — which began July 6.
In yesterday’s announcement, (August 7) the administration said it would proceed with the new tariffs on 279 of the 284 items it had proposed for the second wave. The new tariffs target industrial supplies, chemicals, motorcycles, tractors and tractor parts, rail cars, auto parts, some iron and steel, motor and machine components and more.
See the finalized list of affected goods HERE.
Meanwhile, China’s Ministry of Commerce announced it would retaliate, releasing an updated list of U.S. items it said it would target with similar tariffs, also effective August 23, according to the Wall Street Journal. The items include various chemicals and medical equipment, as well as certain types of sedans and diesel vehicles.
In this rapidly changing environment, we are advising clients to consider the following:
- Know whether your imports are affected and decide what you’re going to do about it.
- If you have a question about whether your products are affected by the tariffs, we may be able to help. We can tell you what impact the tariffs will have on your shipments, and help you file an exemption.
- Don’t panic, but also don’t ignore the possible significant impact to your business.
This continues to be a very fluid situation, and we are here to help you find the proper course of action.
Contact me if we can be of help and check back on our website at www.wbskinner.com for frequent updates.