President Trump announces verbal agreement to suspend additional tariffs
SILVER SPRING, MD (October 14, 2019) – On Friday, October 11, President Trump announced that he had reached a trade pact with China. While there is no official agreement, the president has retreated from his plan to increase List 3 tariffs from 25 to 30 percent on October 15. List 3 tariffs will remain at 25 percent until further notice.
In his announcement, President Trump reported that China has agreed to purchase $40 billion to $50 billion more in agricultural products from the U.S. The Chinese asked the U.S. to pull back on List 4B tariffs of 15 percent, scheduled to go into effect on December 15, but the U.S. has not made any comment on that.
“SFIA looks forward to seeing the final agreement in writing to glean a greater understanding of the current trade situation,” stated Tom Cove, SFIA President and CEO. “In the interim, we are hopeful that both sides will continue to communicate and work in good faith toward a resolution to this tariff war.”
SFIA filed List 3 exclusion petitions on September 30 seeking relief on specific products and will be doing the same for List 4 products once the process is announced.
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