President Trump has signed an Executive Order extending the current pause in the implementation of a higher country-specific tariff on Chinese goods, effective for an additional 90 days and applying exclusively to reciprocal tariffs. The new date to watch for is Nov. 10th. Currently, the IEEPA/Reciprocal tariffs are at 10% and they stack on top of the 20% IEEPA/Fentanyl tariffs for an effective rate of 30% for all goods from China. The Section 301 tariffs, which apply to most goods from China, are not affected by this action, so these goods are still assessed a 7.5% or 25% additional tariff based on the HTS code they fall under.
This 90-day extension was announced only a day before the original pause was set to expire on Aug 12, but had been expected by many sources. China and the US are continuing to work on a more permanent and comprehensive trade agreement.
Goods which are subject to the Section 232 tariffs for steel, aluminum, copper, and automobiles and automobile parts continue to be exempt from the reciprocal tariffs, but not the other tariffs.
Best Regards,
Sam McClure, LCB
Director of Compliance & Customs Services