U.S. Decides to Delay, Reduce Tariffs as Part of Agreement With China
Today the U.S. president decided to delay planned tariff increases and reduce some additional tariffs on Chinese products as part of an initial deal with China. The National Electrical Manufacturers Association (NEMA) publically welcomed this decision, and said it will examine the announced tariff reductions and other portions of the U.S.-China phase one deal to understand fully the benefits for U.S. electroindustry manufacturers.
“The additional import tariffs planned for Dec. 15 and administered in stages since July 2018 have affected materially how many NEMA member companies operate and compete,” said NEMA President and CEO Kevin Cosgriff. “We welcome the president’s decision today and look forward to further normalization as the administration and U.S. allies pursue additional enforceable commitments from China on core concerns, including intellectual property protection and technology transfer.”
The U.S. president and Chinese officials in Beijing announced the contents of a trade agreement that includes a commitment from the U.S. to suspend plans to place 15 percent additional tariffs on Chinese products effective Dec. 15. The U.S. president indicated that 15 percent tariffs implemented on some Chinese goods on Sept. 1 of this year would be reduced to 7.5 percent. The 25 percent tariffs on $250 billion of Chinese goods targeted on three separate lists since 2018 will remain in place. The agreement includes commitments by China on intellectual property protection, financial services, currency and foreign exchange, and purchases of U.S. goods and services. No information was immediately available on when the agreement is to be signed.
For more about how the trade war between the U.S. and China has affected the security industry, check out: