President Trump and Chinese President Xi agree to temporarily hold off on new tariffs
SILVER SPRING, MD (July 1, 2019) – President Trump announced this weekend that no additional tariffs will be imposed on imports from China at this time. This is positive news for the sports and fitness industry. American and Chinese officials will return to negotiations and suspend any immediate action on new tariffs, as a result of President Trump and Chinese President Xi’s meeting at the G-20 Summit in Japan.
“We are relieved with the President’s decision,” stated SFIA President and CEO, Tom Cove. “While the decision to avoid new tariffs is temporary, negotiations in this direction are a good step. We see this as a positive sign for the industry, but not conclusive. The industry is struggling to overcome China tariffs that are already in place, so we hope this tariff truce leads to tariff reductions, as well. SFIA supports President Trump’s efforts to bring China into compliance with international intellectual property laws, but we do not view excessive tariffs to be a successful solution.”
The 25 percent tariff on all products included on List 3, announced earlier this year, still stands, and the exclusion process for List 3 began on Sunday, June 30, 2019. SFIA will organize industry petitions requesting exclusions from the proposed tariffs to assist the industry in navigating these difficult challenges. If you’re interested in learning more about the petition process, please contact Chandler Hoffman, at [email protected].
ABOUT SFIA: The Sports & Fitness Industry Association (SFIA), the #1 source for sport and fitness research, is the leading global trade association of manufacturers, retailers, and marketers in the sports products and fitness industry. SFIA seeks to promote sports and fitness participation, as well as industry vitality through research, thought leadership, public affairs, industry affairs and member services. For more information, please visit www.sfia.org.