- The tariffs will likely cause price increases on duty-hit promotional products. New trade talks are planned. By Christopher Ruvo from https://www.asicentral.com/news/newsletters/promogram/september-2019/tariffs-on-112-billion-in-chinese-imports-take-effect/.
The tariffs of 15% on $112 billion worth of Chinese imports nonetheless went into effect over the weekend. The duties won’t immediately trigger new price increases on levy-impacted promotional products, but they will likely propel price hikes in the months ahead as ad specialty suppliers replenish stocks with new imports subject to the tariffs.
The ground is constantly shifting and it’s impossible to predict where this is headed. The obvious outcome of the latest tariffs will be additional price increases across most categories in the industry.
There has been a lot of confusion surrounding additional tariffs being placed on most promotional items beginning on September 1, 2019.
In addition to grocery goods, sports equipment and diapers, promotional product-related items on the list of $112 billion in imports now subject to a 15% tariff include various types of T-shirts, which as a product category account for 15.1% of annual distributor sales, Counselor State of the Industry research shows. Other items include various types of pens, pencils, sweaters, pullovers, and jackets. In fact, 87% of textiles and clothing the United States buys from China and 52% of shoes are now subject to import taxes.
The latest good news is coming. The U.S. and China are now planning new trade deal talks for October, http://bit.ly/2kxsXaW.
The Chinese Ministry of Commerce held a regular press conference this afternoon Sep 5th, 2019. The spokesman of the Ministry of Commerce spoke on the topic of recent hot topics to answer questions from Chinese and foreign journalists.
The spokesman said that China and the United States will conduct serious consultations in mid-September and will discuss the specific arrangements for the thirteenth round of China-US high-level economic and trade consultations. Based on the full preparation by both working groups, the thirteenth round of China-US high-level economic and trade consultations held in early October will strive to achieve substantive progress.