The Office of the U.S. Trade Representative has been at the top of the news as they increased the 10% tariffs to 25% on the 3rd tranche of goods imported from China, achieving a raise that was due but postponed in December.
To this, China conversely added tariffs on US imports to the tune of 5%-25% on 5,000 items totally around $60 billion dollars.
On top of that, President Trump declared that $300 billion in a 4th tranche of imports from China would be under a 25% tariff. According to American Shipper, “In a notice prepared for publication in the Federal Register, USTR said the tariffs could reach as high as 25% and would cover essentially all products not currently covered by the first three tranches of tariffs, which encompass about $250 billion worth of imports.”
The US has also agreed to remove tariffs on steel and aluminum imports from Mexico and Canada in an effort to expedite the “New Nafta”. This announcement comes on the heels of an announcement that the US would be delaying auto tariffs on Japan and the EU as trade talks continue in good faith and standing.
