President Trump announced on Sunday that the increases in duty rates on Section 301 List 3 tariffs that were scheduled to take effect on March 1, 2019 are being postponed, citing progress in trade talks between the US and China.

Tariffs on Chinese goods worth over $200 billion were scheduled to increase from 10% to 25% on March 2, 2019, this increase is now postponed although a new date for the tariff increases to go into effect has not been set.

A summit between President Trump and Chinese President Xi Jinping is planned for the end of March with hopes that continuous talks between Washington and Beijing will lead to a final trade agreement between the two countries.

It needs to be stressed that the existing 10% tariffs on Section 301 List 3 products remains in effect and has not been revoked, only the planned increase to 25% for these goods has been postponed.

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