Updated: Oct 11, 2019
Are tariffs really helping our economy?
Our Company President and I received a letter from our freight forwarder that handles our casting imports, it stated that on August 24th, President Trump announced that the rate of tariffs worth $250 billion on Chinese imports will increase from 25% to 30% starting October 1. He also advised that the tariffs set on List 4A will increase from 10% to 15% effective September 1.
If you ask someone that works in the American steel or Aluminum industry they will most likely be ecstatic. The reason being these U.S. companies can increase their prices and still be less expensive than their overseas competition. However, industries like farming, manufacturing, agriculture and consumers will likely take a huge hit.
Dear Valued Client,
Over the last 25 years, China, Vietnam and other countries have gone through massive changes. Years ago GlobalTech saw the trade war coming and systematically developed partnerships outside of China where the tariffs and high duties do not exist.
If you are currently sourcing product in China, we recommend that you dual source with a non-tariff country/supplier until the trade war has been resolved. We would appreciate the opportunity to help you simplify your sourcing process. Please feel free to contact me directly by email anytime at: email@example.com