By SEMA Washington, D.C., Staff
President Trump has postponed for two weeks a scheduled 5% increase in tariffs on Chinese goods as a gesture of good will in advance of resumed trade talks. The 25% tariffs already being imposed on $250 billion worth of Chinese goods will now be increased to 30% on October 15 rather than October 1. The subject goods have been divided into three separate groups. The so-called “List 1” and “List 2” goods are valued at $50 billion and include some miscellaneous metal and rubber parts for auto equipment, machinery, tools and measurement devices. “List 3” imports cover about $200 billion worth of goods, including most auto parts, from engines and metal fasteners to tires and brake pads.
The tariffs are intended to be leverage for U.S. negotiators as they seek to negotiate six separate trade documents with China covering agriculture, services, non-tariff barriers, currency, intellectual property rights and forced technology transfers and cybersecurity.
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