Park Ridge, NJ – According to a recent announcement by the United States Trade Representative (USTR), the US-China Trade War will cause Farbest to experience tariff increases on two of its product categories effective Sept. 24, 2018: Lecithin and Beta Carotene.
This announcement came after a series of public hearings, and detailed an additional 5,745 items that will be subject to tariff increases as part of U.S. Section 301, List 3. No Farbest products were included on earlier Lists 1 or 2.
Items on List 3 are now subject to up to an additional 10% tariff enforced by Customs and Border Protection (CBP). Unless an agreement is reached before the new year, that tariff will then rise to up to an additional 25% effective Jan. 1, 2019.
Farbest is deeply committed to avoiding and minimizing the impact these tariffs will have on its customers. After working closely with suppliers, Farbest has determined that it’s well positioned to sustain both its supply level and quality through the trade war. Additionally, Farbest is exploring the pursuit of tariff exemptions and drawbacks should a prolonged trade war take place.
With more than six decades of industry experience and market knowledge, combined with strong, trusting relationships with its suppliers, Farbest is confident that it can support its longstanding customers through every challenge the US-China trade issues may pose.
If customers have any questions or concerns, Farbest encourages them to reach out directly at 201-573-4900.
For a complete list of impacted products, please refer to the official USTR press release