On Friday, August 23, China announced that it would impose additional tariffs on $75 billion of US imports, including market-sensitive products such as agricultural and automotive goods. President Trump responded later that day by announcing an increase in existing tariffs on imports from China — specifically, an uplift from the current 25% to 30% for the products on Lists 1 through 3, effective October 1.
With the announcement of additional tariffs imposed by China on US origin goods and increased US tariffs on Chinese-origin products, US companies engaging in trade with China need to promptly assess their duty exposure. The increased tariff costs reinforce the importance of those companies taking action aimed at making their trade function and supply chains as efficient as possible.
Companies in previously unaffected industries need to re-examine their import profiles and supply chains, including the use of available analytical tools, to determine potential impacts and explore mitigation strategies.