All the world is watching as two of the most powerful countries, the United States and China, have yet to reach an agreement regarding tariffs on imported and exported goods. With many holding their breaths due to the number of problems that can arise, one massive industry, the logistics industry, has already felt the harsh affects of the Trade Wars.
The countdown is on, as goods that are already on the water and arriving to the United States on or before June 1 will not face the new tariffs. While June 1 has been announced as the date the new tariff will go into effect, it has been reported that there is still confusion among those in the logistics and shipping industry.
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It remains to be seen exactly how President Trump’s 25% tariff on $200 billion worth of Chinese goods will impact the shipping industry. What is known is that shippers and importers will have until June 10 to submit concerns about the impact of the new tariffs to the United States Trade Representative (USTR).
What is also clear, is that many retailers and major companies still want to do business with China and their logistic companies, and so are hopeful that the coming weeks will see a resolution to the ongoing trade war that began last summer. Looking to see the pricing difference? Receive an on-demand freight quote here and compare averages quarters prior hand.
Sources:
- Port Report: Clock starts for latest front-load of Chinese imports to U.S.
- What Trump’s trade war with China means for American consumers
- China imports en route have shot at beating US tariff clock