Recently, the Office of the United States Trade Representative (USTR) issued a statement announcing the exemption of 352 tariffs on imported goods from China, including multiple hardware tools categories. And the exemption period is from October 12, 2021 to December 31, 2022.
This is a good start, benefiting manufacturers of 352 products, including related hardware products, as well as manufacturers and consumers in the supply chain and consumer chain, while indirectly stimulating other products and supply chains that expect exemptions.
This adjustment has a certain positive impact on the development of export business in the future, but still maintains a cautiously optimistic attitude. The person in charge of a leading company in the industry believes that this tariff exemption is a continuation and confirmation of the proposed re-exemption of tariffs on 549 Chinese imported goods in October last year. There are not many industries involved, and the direct benefits are not large. However, this tariff exemption at least shows that the trade situation has not deteriorated further, but is changing in a positive direction, which has established confidence in the industry and is conducive to future development.
Although this tariff exemption brings benefits to the industry, the period is from October 12, 2021 to December 31, 2022. It is not easy to estimate whether it will survive after the expiration. Therefore, the companies involved do not need to rush to make business adjustments. We should continue to expand the market extensively, expand the supply chain, and avoid possible trade risks while stabilizing exports.
The listed companies of related tools responded: The scope of the tariff exemption list will be confirmed for US customers. Although there are relatively few products involved, it also has a certain positive impact.
Post time: May-10-2022