From Home Furnishing Business
25% Tariff Hike Expected for Friday
In a notice posted by the Federal Register, the Office of the U.S. Trade Representative has confirmed that tariffs on $200 billion worth of imports from China will increase from 10% to 25% this Friday, May 10, according to a report from Retail Dive.
"In the most recent negotiations, China has chosen to retreat from specific commitments agreed to in earlier rounds. In light of the lack of progress in discussions with China, the President has directed the Trade Representative to increase the rate of additional duty to 25 percent," the document stated.
An additional notice, outlining an exclusion process, is expected from the Office of the U.S. Trade Representative.
For the full report, click here.