On Thursday September 13, president Donald Trump signed legislation that will reduce tariffs on nearly 1700 imported products used by U.S. manufacturers.
The legislation amends the Harmonized Tariff Schedule to provide duty suspensions and reductions for specified chemicals and other items through December 31, 2020.
While it rolls back tariffs on products already in the US tariff schedule, MTB will not erase additional Section 301 duties.
For example, if a chemical or product that was already on the schedule had a 5% tariff, MTB will reduce or suspend it. If the same product faces a new 25% duty imposed August 23 as part of the tariffs on Chinese products, MTB will not apply. The product would have a 25% duty — or slightly more — rather than a 30% duty because MTB would erase or reduce the duty that was already in place.
See American Shipper for more details.
Click here Relevant HTS #s to view copy of legislation with the relevant HTS #s.
- Posted by ALBA Wheels
- On September 19, 2018
- 0 Comments