"Substantial Progress" in Trade Talks Delays Tariff Increase
With the deadline looming in the distance, the Trump Administration reported “substantial progress” in its trade talks with Chinese officials leading to the decision to delay tariff increases. Previously slated for March 1, tariffs were projected to increase to 25 percent from 10 percent on $200 billion of Chinese exports.
The National Retail Federation issued the following statement from President and CEO Matthew Shay after the tariff extension was announced:
“We welcome the progress made between the U.S. and China and commend the administration for its efforts to address unfair trading practices. The decision to avoid a tariff hike is a positive development, and we encourage the administration to build on this momentum and reach a resolution that will eliminate uncertainty for American businesses and consumers. We look forward to continued progress and an agreement that will end tariffs and achieve a more fair and balanced trading relationship.”