President Trump has agreed to a limited trade deal with China, putting a stop to the additional tariffs on $156 billion of Chinese-made goods, including footwear and apparel, that were set to go into effect on Sunday. Also in this agreement, existing tariffs on about $360 billion of Chinese-made goods will be cut in half.
In exchange, China has agreed to purchase $50 billion worth of agricultural goods in 2020; however, if China does not follow through on their end, all original tariff rates will be reimposed.
“While, so far, nothing official has been published, these reports indicate very good news,” said SFIA President and CEO, Tom Cove. “If List 4B China tariffs do not go into effect on Sunday, American consumers, young athletes and active individuals across the country will greatly benefit. These tariffs have negatively impacted the sport and health industry, and we are hopeful that this trade agreement comes to fruition.”
SFIA continues to monitor these deliberations closely and will inform its members immediately as new developments take place.
The U.S. and China negotiated this deal within the last week, and is currently pending a final agreement from China.
