In response to China’s decision to impose additional tariffs on $75 billion in U.S. goods (see next article below), and in order to achieve the objectives of the China Section 301 investigation, President Trump has instructed the United States Trade Representative (USTR) to increase by 5% the tariffs on approximately $550 billion worth of Chinese imports. For the 25% tariffs on approximately $250 billion worth of Chinese imports, USTR will begin the process of increasing the tariff rate to 30%, effective October 1 following a notice and comment period. For the 10% tariffs on approximately $300 billion worth of Chinese imports that the President announced earlier this month, the tariffs will now be 15%, effective on the already scheduled dates for tariff increases on these imports.
Please note these tariffs are not final until officially announced in the U.S. Federal Register. We will be monitoring the Federal Register and provide updates as it is published or more information becomes available.
Source: U.S. Trade Representative