On Friday of last week, the Office of the United States Trade Representative (USTR), in response to China’s announcement of additional tariffs on $75 billion worth of American Goods, said that the United States would increase existing tariffs on Chinese goods by 5%. According to the release, 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.
A Federal Register notice is still forthcoming.
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