No New Tariffs: Phase One Trade Deal Confirmed
December 13, 2019 | After months of aggressive lobbying by The Toy Association and tireless support and engagement from its members, the Association is pleased to report that the U.S. and China have announced a “phase one trade deal” that removes the tariffs that were set to go into effect on December 15, including those on toys.
The president has also tweeted that tariffs on list 4(a) products will be reduced from 15 to 7.5 percent while list 1-3 tariffs will remain at 25 percent.
“The news that the toy industry and the families we exist to serve will not be impacted by tariffs on Sunday is a welcome relief,” said Steve Pasierb, president and CEO of The Toy Association. “We applaud the administration for coming to an agreement with China that begins to roll back these regressive taxes. With uncertainty removed, toy companies can move forward and focus on planning, product development, and providing joy for kids through the toys and games they make. We urge the administration to seize this opportune point in time to also eliminate tariffs that remain in effect.”
The Toy Association will continue to update members on any significant developments regarding tariffs. In the interim, questions about the latest tariffs update or future Toy Association advocacy activity may be directed to Rebecca Mond, vice president of federal government affairs, or Ed Desmond, executive vice president of external affairs.