MEMA Responds to Progress in "Phase One" Trade Agreement with China
MEMA is encouraged by the news that the administration reached a “Phase One” trade agreement with China and looks forward to seeing more details. The reduction of tariffs to 7.5 percent on products on list 4a and the cancellation of tariffs on list 4b are an important start, but MEMA encourages the administration to review the 25 percent tariffs still in place on $250 billion of goods. In many cases, these tariffs are causing financial strain on suppliers throughout the U.S.
MEMA applauds the work both parties have invested to reach this point and urges them to continue working towards future agreement.
MEMA has repeatedly called for an agreement between the U.S. and China that will allow U.S. companies to remain competitive in a global marketplace while protecting intellectual property (IP) rights. It is our hope that this positive step has begun to address this long-term problem.