On October 11, 2019, president Trump announced the cancellation of the October 15 tariff hike, providing a considerable relief on tariffs applied to Chinese imports. That hike would have taken Section 301 additional tariffs of 25 percent to 30 percent on Lists 1, 2 and 3, about $250 billion worth of imports.
This announcement comes as part of the first phase of a deal with China related to intellectual property, financial services and agricultural sales. The president disclosed that China would buy as much as $40 billion to $50 billion worth of American commodities and that good progress had been made on issues around technology transfer from American companies to Chinese partners.
Provided that all details are worked out, president Trump expects the first phase of the U.S.-China deal to be signed at the Asia-Pacific Economic Cooperation (APEC) meeting on November 16 or 17.
The next phase of trade talks would begin immediately after the first deal is signed. It is not clear at this point whether the December 15 round of tariffs will take place as planned.
AGL will continue to monitor this situation closely and advise you of any additional related details.