U.S. & China Agree to Temporary Halt in Trade War, Flooring Unaffected
New York, NY, December 13, 2019-U.S. and Chinese officials announced a limited agreement to halt the trade war between the countries, with President Trump removing the threat of new tariffs on China in exchange for the country agreeing to purchases of American farm goods and other products, according to the Wall Street Journal.
With regard to flooring, products that have been tariffed at the 25% rate will continue to be taxed at that rate, except click LVT, which is under an exemption until August 9, 2020.
“As part of the ‘phase one’ deal, the U.S. canceled plans to impose fresh tariffs on $156 billion in annual imports of Chinese-made goods-including smartphones, toys and consumer electronics-that were set to go into effect Sunday. The U.S. will also slash the tariff rate in half on roughly $120 billion of goods, to 7.5% from 15%.
“Tariffs of 25% would remain on roughly $250 billion in Chinese goods, including machinery, electronics and furniture.”