The latest news in the on-going trade war with China is a more aggressive schedule on tariffs than originally proposed. The American Lighting Association (ALA) alerted its membership with an email that spells out how President Trump’s most recently announcement on Friday, August 23, affects them.
“The first change involves List 3 tariffs (lighting products). Products on List 3, already at 25 percent are increasing to 30 percent beginning October 1.
“Changes are also coming to List 4 (light sources and ceiling fans). Tariffs scheduled to increase to 10 percent on September 1 will now be 15 percent. It is unclear at this time what will happen with the tariffs scheduled for a Dec. 15 increase,” noted Michael Weems, VP/Government Engagement.
In response to the August 23rd announcement from the Oval Office regarding the increase in tariffs, the National Retail Federation (NRF) issued a statement. David French, Senior VP/Government Relations, said, “It’s impossible for businesses to plan for the future in this type of environment. The administration’s approach clearly isn’t working, and the answer isn’t more taxes on American businesses and consumers. Where does this end?'”
Regarding the delay in tariffs on certain products until December 15, French commented: “While we are still reviewing the details, we are pleased the administration is delaying some tariffs ahead of the holiday season and acknowledging the impact on American consumers. Still, uncertainty for U.S. businesses continues, and tariffs taking effect September 1 will result in higher costs for American families and slow the U.S. economy. During this delay period, we urge the administration to develop an effective strategy to address China’s unfair trade practices by working with our allies instead of using unilateral tariffs that cost American jobs and hurt consumers.”
Current tariffs on $250 billion in Chinese goods will rise from 25 to 30 percent on October 1. New tariffs set to take effect September 1 and December 15 on $300 billion in Chinese goods will rise from 10 to 15 percent.