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US, China talks to focus on ways to end the US tariffs

President Donald Trump and Chinese President Xi Jinping are scheduled to meet in November at the G20 summit in Argentina. They will discuss ways to end the US tariffs on $250 billion in Chinese goods and the $110 billion in reciprocal import duties China imposed on US goods. The two countries will also sign a deal at the summit to avoid escalating the tariffs on $200 billion in Chinese goods once January rolls in. If no deal is made, new import duties will be levied on yet another $267 billion in Chinese goods.

This fourth tranche of import duties would likely hit a broader swathe of consumer goods such as apparel and personal electronics. Retailers and their suppliers are also trying to mitigate the tariff impact on shoppers in 2019. The nation’s largest retailer Walmart is trying to take out cost where it can to lessen any price increases. David Murphy, a partner at trade-focused legal firm GDLSK, has suggested various ways for importers and shippers to offset the tariff impact. These include sharing the cost of tariffs between importers and shippers and removing third-party fees from the landed costs of Chinese goods. Importers could also get waivers if Chinese-made components are assembled in and shipped from a third country to the U.S. or the third country's components are just assembled in China.

 

 
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