U.S. Forgoes Plan to Raise Tariffs to 30% on Flooring Imports from China
Washington, DC October 12, 2019-In an initial step to reach a longer term trade agreement, the U.S. has delayed plans to increase tariffs on the $250 billion in annual imports that includes flooring products.
The Trump administration will delay raising tariffs from 25% to 30%; the increase, originally slated for October 15, has been pushed back indefinitely. In exchange, China agreed to increase purchases of U.S. agricultural products.
The news was announced following two days of trade talks in DC last week.
This may indicate a small step towards a truce but may not be enough to diminish uncertainties in both economies. Unless a full deal is hammered out, however, the increase could be implemented at a later date.