The U.S. will suspend plans to impose additional tariffs of up to 25 percent on the List 4 of goods imported from China, which have a current import value of $300 billion. President Donald Trump announced on June 29th after a meeting with the Chinese President Xi Ping.
In May, after an agreement was seemingly close to being locked, negotiations broke off abruptly resulting in the U.S. increasing additional tariffs on List 3 goods (which have an import value of $200 billion) from 10 percent to 25 percent as of May 10 and starting the identification process of remaining products to build up the 4th list of goods which according to the President, will have 25% in additional tariffs.
After this recent re-negotiations with China, Trump stated that the U.S. “won’t be adding” tariffs on List 4 goods and instead will “work with China on where we left off, to see if we can make a deal.” And added that for the moment, tariffs won’t be increasing on the previous lists.
Simultaneously, on June 30, the process for seeking exclusions from the additional tariff on List 3 opened and all requests are due by Sept. 30.
This exemption will be effective for 1 year from the date granted and retroactive to Sept. 24, 2018, meaning that companies can still seek for refunds of tariffs already paid.