“…. productive talks, I will be delaying the U.S. increase in tariffs now scheduled for March 1. Assuming both sides make additional progress, we will be planning a Summit for President Xi and myself, at Mar-a-Lago, to conclude an agreement. A very good weekend for U.S. & China!”
Tweeted by U.S. President Donald Trump over the weekend, on February 24, 2019, the announcement signaled temporary hope for international shippers who were bracing for increased tariffs, from 10 percent to 25 percent, on $200 billion worth of goods imported from China. The March 1 deadline loomed close, causing another rush of imports to avoid the tariff, and in tandem with the Lunar New Year shutting down China businesses for almost three weeks.
The White House, however, has not released written copy of the deal as negotiators are still ironing out significant details and plan on making another trip to Beijing before President Xi’s visit. From currency manipulation to intellectual property rights and access to Chinese markets, a deal may be far from finalized, but President Trump’s outlook has been positive, stating “if all works well, we’re going to have some very big news of the next week or two.”
For now, American consumers can breathe a sigh of relief that at the moment, prices of their favorite brands have not gone up. Shippers should stay tuned to hear more on Wednesday, February 27thwhen Robert Lighthizer testifies on behalf of the U.S. Trade Representative.
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