fbpx
Thursday, 13 December 2018 22:12

Tariff Rate Increase Put on Pause Amid New Discussions

Written by Jordan Scott, glassBYTEs.com

 

The United States will not raise the rate of tariffs on $200 billion worth of Chinese products to 25 percent on Jan. 1, 2019, as previously planned, according to a statement from the White House.

 

Tariffs will remain at the current 10 percent rate imposed on Sept. 24, 2018, for at least another 90 days. The update came after a sideline meeting between President Trump and Chinese President Xi Jinping at the G20 Summit over the weekend of Dec. 1--2 in Buenos Aires. President Trump called the meeting “highly successful.”

 

In return for the halt on a tariff rate increase, President Xi has agreed to purchase a yet-to-be-decided-upon, “very substantial” amount of products from the U.S. According to the White House statement, the purchases will “reduce the trade imbalance between our two countries.”

 

The two leaders agreed to begin negotiations on forced technology transfers, intellectual property protections, non-tariff barriers, cyber intrusions and cyber theft. President Trump cited forced technology transfers and a lack of intellectual property protections as reasons for the tariffs. Both parties agreed to try to complete the negotiations within the next 90 days, otherwise the 10 percent tariffs will be increased to 25 percent, according to the White House.

 

Auto glass-related materials on the list of products subject to the tariff include:

 

• Various float glass products
• Glass mirrors
• Glass frit
• Laminated safety glass

 

We thank glassBYTEs.com for reprint permission.

Read 473 times