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Official Delay of the January 1, 2019, Tariff Increases

The Federal Register has officially announced the delay of the January 1, 2019, tariff increases.

The postponement was first announced by leaders of the U.S. and China on December 1, 2018. Both parties have set a 90-day period for further negotiations. In the event that an agreement cannot be made, the tariff increases (10% to 25%) are due to go into place at the end of the 90-day period (March 1, 2019).

In a statement issued by the White House, President Trump has “agreed that on January 1, 2019, he will leave the tariffs on $200 billion worth of product at the 10% rate, and not raise it to 25% at this time… Both parties agree that they will endeavor to have this transaction completed within the next 90 days. If at the end of this period of time, the parties are unable to reach an agreement, the 10% tariffs will be raised to 25%.” The full press statement can be read here.