US retailers relieved as US delays $200bn China tariff increase

US retailers have welcomed news that the US has decided to hold off on implementing tariffs on $200bn worth of Chinese goods due to be implemented in January.
The delay comes after China and US agreed to a 90-day truce on further tariffs hikes to allow talks to take place.
From January 1 tariffs on $200bn worth of Chinese goods were set to be increased from 10% to 25% as part of an ongoing trade war.
US president Donald Trump also declared via Twitter that China would reduce and remove the 40% tariff it places on US car imports.
The US National Retail Federation (NRF) president and chief executive Matthew Shay said: “We commend President Trump for his efforts to restore a fair and balanced trade relationship with China. The administration’s decision to give diplomacy a chance and at least temporarily avoid the imposition of increased and additional tariffs is an encouraging sign. 

“It is clear the administration has heard the voices of those negatively impacted by existing tariffs. We hope this 90-day tariff pause will lead to a positive resolution that removes tariffs altogether and improves US-China trade relations. Retailers are pleased by this progress"
NRF and a coalition of nearly 150 organizations representing retailers, farmers, manufacturers and technology companies sent a letter to the White House last week urging the administration to negotiate with China and forgo a January 2019 tariff increase.

Share this story

Related Topics

Latest business news

Finnair notes high cargo volumes as it converts A330s to preighters

By Rachelle Harry

As with many carriers, Finnair has reported higher-than-usual airfreight demand due to the pandemic. Tommi Voss, head of cargo operations…

Read More

Share this story

Kuehne+Nagel completes Apex acquisition as it looks to expand in Asia

By Damian Brett

Kuehne+Nagel (K+N) has completed the majority acquisition of Apex International as part of efforts to expand its presence in the…

Read More

Share this story

Transpacific airfreight rates climb in April

By Damian Brett

Airfreight rates from Hong Kong to North America took off in April as a combination of capacity shortages and rising…

Read More

Share this story