Updated: 09-JUN-2018
SOLO World Partners Statement on U.S. Tariff Increase on Chinese Imports
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DETROIT, MI – SOLO World Partners is closely monitoring the latest developments in U.S. trade policy as the Office of the U.S. Trade Representative (USTR) has implemented an increase in tariffs on $200 billion worth of Chinese goods, rising from 10% to 25% effective May 10, 2019. This tariff hike affects products that are entered for consumption or withdrawn from warehouses for consumption on or after 12:01 a.m. EDT on May 10, 2019, provided they were also exported to the U.S. on or after this date.
Products exported from China prior to May 10, 2019, but entered into the U.S. before June 1, 2019, will remain subject to the previous 10% tariff rate. This policy shift follows an earlier September 2018 action in which the USTR outlined its response to China's alleged intellectual property violations and forced technology transfers.
Impact on Global Supply ChainsAs a leader in global supply chain solutions, SOLO World Partners understands the profound implications of these tariff increases. Our team is actively assessing the impact on our clients’ operations and providing guidance on how to navigate the evolving trade landscape.
Businesses reliant on Chinese imports should prepare for increased costs and potential supply chain disruptions. SOLO World Partners is assisting companies in evaluating alternative sourcing strategies, optimizing tariff classification, and leveraging duty mitigation programs where applicable.
Guidance for Businesses
To help companies adapt to these new regulations, SOLO World Partners recommends the following steps:
Review Supply Chain Exposure: Identify affected goods and assess financial impact.
Explore Alternative Sourcing: Consider diversification of suppliers to reduce tariff exposure.
Utilize Trade Compliance Strategies: Investigate opportunities such as duty drawback programs, tariff exclusions, and strategic warehousing.
Stay Informed: Rely on official government sources such as the U.S. Department of Commerce and USTR for accurate information.
LIST #1 Products – CLICK HERE:
LIST #2 Products – CLICK HERE:
For the complete official USTR Issues Tariffs on Chinese Products statement CLICK HERE:
