By: Ron D. Doherty Jr.
Trade Wars, no one likes them but are they necessary? In some situations they are and need to happen and others we don’t like them. Currently, as most of you know, the US and China are presently going through a Trade War at this time. President Donald Trump imposed tariffs on importing almost every item from China. Many being Steel, Automobiles, Electronics and Clothing. China slapped tariffs right back on the US. The Chinese and American Governments have both met and negotiated multiple deals at their meetings. China’s economy has suffered since the tariffs were implemented, only growing at 6% instead of their routinely double digit growth. There is a huge date coming up in the Trade war; March 1st. This is when, if there is no deal struck, then the tariffs will go up to 25% for every item that is imported into each country.
We, at Doherty Associates, have been directly impacted by these tariffs/ tariff talks. One of the companies we represent, Optimas Manufacturing Solutions, manufacturers all items in China and imports them all across the world. Currently every time these items are imported into USA, there is a tariff implemented based on the HS Code of each individual item.
We all hope the US Government and Chinese Government can strike a deal before March 1st for both countries and both economies.