The White House has announced an agreement with China to reduce the IEEPA/Reciprocal tariffs from 125% to the worldwide rate of 10%. This action will be effective on May 14 but is only valid for 90 days. All other China-specific tariffs remain in place, including the 20% IEEPA/Fentanyl tariffs imposed in March. In return, China will lower their 125% reciprocal tariffs imposed on US goods to 10%. They have also pledged to take measures to remove other non-tariff countermeasures taken against the US since April 2.
Both sides have committed to continued discussions on trade-related matters.
Best Regards,
Sam McClure, LCB
Director of Compliance & Customs Services