Posted on June 10, 2019
On Saturday June 9th, U.S. President Donald Trump announced that the much-anticipated tariffs on imports from Mexico, set to be begin on June 10th, would be indefinitely suspended.
The suspension occurs after the United States and Mexico announced a new agreement on immigration. And while few details on the agreement have been release, the suspension of the tariffs is welcoming news for U.S. importers and consumers.
Had an agreement not been reached, tariffs would have started at 5% and increased monthly until they hit 25% in October 2019. U.S. companies would have felt the impact of these tariffs, as most trade from Mexico involves related party transactions. The suspension of the tariffs is particularly good news for the U.S. auto industry which makes up about one third of all imports from Mexico.
There is still work left to do, and President Trump did advise on Monday June 10th, that if the deal falls through for any reason that tariffs will be reinstated.
Allyn International will continue to monitor the situation. For more information visit our website or contact us at email@example.com
About Allyn International
Allyn International is dedicated to providing high quality, customer centric services and solutions for the global marketplace. Allyn's core products include transportation management, logistics sourcing, freight forwarding, supply chain consulting, tax management and global trade compliance. Allyn clients range from small local businesses to Fortune 500 firms. Allyn conducts business in more than 20 languages and has extensive experience in both developed and emerging markets. Highly trained experts are positioned throughout North and South America, Europe and Asia. Allyn’s regional headquarters are strategically located in Fort Myers, Florida, U.S.A., Shanghai, P.R. China and Prague, Czech Republic. For more information, visit www.allynintl.com.