On January 16, 2020, the United States Trade Representative (USTR) announced the reduction of the additional tariff on Section 301 List 4A goods from 15 percent to 7.5 percent, beginning at 12:01 AM on February 14, 2020.
This year, the Chinese New Year (CNY) holiday is starting early and will occur from January 24 through January 30. It’s not surprising that as the world’s number one exporter celebrates its major holiday, shipping delays can be expected, in some cases, even weeks after the holiday ends.
Each week, the trade community watches the giant chess match between China and the United States, seeing who will make the next move, who will potentially “win” the match or if the game will end in a draw.
If you are one of the many shoppers looking for deals this holiday season, prices may be higher than expected due to new tariffs on imported goods. These tariffs are likely to impact both import shipping volumes and prices of goods throughout this holiday season.
Trading globally involves risks, but having international cargo insurance is one of the best ways to offer peace of mind to both the buyer and the seller. Ascent Global Logistics wants your shipments to be monetarily safeguarded against physical loss or damage while in transit.
With varying regulations governing the disclosure (Freedom of Information Act) or confidentiality (Department of Homeland Security) of certain records, it can sometimes be challenging to know who can have access to what information in the international world of trade.
In an announcement on Friday, August 23, 2019, the USTR (United States Trade Representative) advised that Section 301 List 3 tariffs will be increasing from 25 percent to 30 percent effective October 1, 2019, following a notice and comment period.