Customs Says All Chinese Exports Already on Water will not be Hit with 25% Tariff
As of midnight, tariffs rose to 25% on all products from China sold to the US that were included in the original 10% tariffs last July.
Late yesterday, the US Customs and Border Protection said that the new tariffs will only apply to goods loaded in Chinese ports after 12:01 am Friday, Eastern Time. This means that contrary to thinking yesterday, product that is already on the water and subject to the tariffs will not see an increase when it is cleared. Products have to be cleared by June 1st to qualify for the exemption.
This morning, Chinese stocks were up, and US stocks were heading down...
To Read Full Story Login Below.