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Section 301 Tariff Update
On December 13th President Trump reduced and suspended tariff changes that were due to take place on December 15th. The other 301 tariff lists are to remain at the current rate that they are in and will not be changed.
The list 4b which includes all goods that were not on any previous 301 tariffs increase list is going to be suspended until further notice due to an agreement that the United States made with China. This agreement will also reduce the tariffs on list 4a from 15% to 7.5% the effective date of the reduction is not yet announced.
In this agreement, China agreed to purchase $16 billion in U.S. Agricultural goods each year for the next two years and has agreed to no longer require companies to transfer technology in exchange for administrative licenses. Also, in this deal, China has agreed to purchase more of US manufactured goods, energy and services. This deal is set to be signed in January 2020 after both countries' legal departments have had a chance to review and advise on the agreement.
Contributor: Heather Oskvarek
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