On August 23, 2019, President Trump announced via Twitter that the tariff rates on Lists 1, 2, and 3, worth approximately $250 billion worth of goods imported from China, will increase from 25% duty to 30% beginning October 1, 2019. Additionally, the President indicated that the tariff rate on the List 4 tariffs currently set to begin on September 1 will increase to 15% from 10%. It is unclear if the tariffs currently set to go into effect on December 15 will also be increased to 15%.

This action comes after China announced retaliatory tariffs of between 5-10% on approximately $75 billion worth of U.S. imports that will begin in two stages that will mirror the United States’ List 4 tariffs, on September 1, 2019 and December 15, 2019.

We will continue to monitor this situation and will provide future updates as developments occur.