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US and China reach tariff agreement

The first phase of the Sino-US trade agreement has been greatly helpful for the textile and apparel sector. Tariffs for products worth $250 billion will sustain at 25 per cent and the tariff rate for goods worth $120 billion will be reduced from 15 per cent to 7.5 per cent.

Export orders for textiles and apparels are likely to grow with the downward adjustment of tariffs but the growth may be limited. Not all the additional tariffs are being removed. For the goods worth $250 billion covering chemical fibers and some textiles, the additional tariff is maintained at 25 per cent. Tariffs have not been totally removed, especially in textiles and apparels made of chemical fiber.

The first phase of the Sino-US economic and trade agreement covers nine chapters including preamble, intellectual property, technology transfer, food and agricultural products, financial services, exchange rates and transparency, expanding trade, bilateral assessments and dispute settlement, and final clauses. The two sides have also reached an agreement that the US will fulfill its relevant commitment to phase out the imposition of additional tariffs on Chinese products. The optimism lies in the improvement of mindsets and an expectation of a suspension of the Sino-US trade war.

 
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