Region: Asia, The Americas
US, China reach partial trade agreement
ARLINGTON, Virginia, 17 October 2019: The United States and China on October 11 reached a partial trade agreement in the ongoing trade conflict between the two nations. China agreed to purchase as much as USD 50 billion of US agricultural products, while the United States agreed to postpone a tariff increase for Rounds 1-3 from 25% to 30%, which was set for October 15. The postponed tariff increase had been formalized in a September 3 Federal Register notice, and would affect approximately USD 250 billion of Chinese imports, AHRI noted through a Press release.
The postponement of the tariff rate increase affects many AHRI member products, as analyzed by AHRI here. Members are encouraged to review all tariff lists to ensure a complete analysis. For a full list of AHRI products and components affected by Section 301 tariffs, consult AHRI’s Tariff Tracker.
The Office of the United States Trade Representative (USTR) will likely publish a notice in the Federal Register soon to formalize the tariff increase postponement, AHRI said through the release, adding that it will notify members through a separate alert. President Donald Trump has referred to the agreement as a “very substantial phase one deal”, AHRI said. It is currently an informal agreement between Trump and Liu He, China’s Vice Premier, AHRI quoted Press reports as saying, adding that a formal written agreement will be drafted in the coming weeks.