Dear Valued Customer,
The United States Trade Representative (USTR) released an announcement this morning confirming President Trump's Twitter post of his intentions to increase the tariff rate on List 3 from 10% to 25% this Friday, May 10th. The duty increase was originally set for the start of 2019, but was postponed as trade talks between the US and China continued.
Our OEC Group Brokerage team determined that the US Customs and Border Protection has updated their database to reflect the duty increase to 25% on List 3 shipments arriving on or after May 10th. As the situation remains fluid, OEC Group anticipates the US government will release additional details in the coming days.
OEC Group is following this case closely and will further explain the implications as more information is made available.
For more information, please follow the link below:
Office of the United States Trade Representative Notice of Modification of Section 301 Action: China's Acts, Policies, and Practices Related to Technology Transfer, Intellectual Property, and Innovation
OEC Group is committed to keeping our customers informed on current market conditions and will continue to monitor the situation as it develops.
Should you have any questions regarding this update, please contact your OEC Group Customer Service Representative.
The information contained herein is provided as a public service with the understanding that OEC Group makes no warranties, either expressed or implied, concerning the accuracy, completeness, reliability, and suitability of the information. Nor does OEC Group warrant that the use of this information is free of any claims of copyright infringement.