NHLA Market Update on Ongoing Tariff Trade War Between the U.S. and China

The negotiators representing the U.S. Department of Agriculture (USDA) too hinted that negotiations are on and that a possible agreement is expected to be reached at the earliest.

SEATTLE (Scrap Monster): The National Hardwood Lumber Association (NHLA), in an update on ongoing tariff trade war between the U.S. and China, provided hints of continuation of trade negotiations in Washington, D.C., despite threats by President Trump of imposing significantly higher tariffs on China.

While negotiations were expectedly proceeding in a positive direction, the President in a surprise tweet announced that China broke the deal and will have to pay heavy price. He hinted at lifting the tariff from 10% to 25% on $200 billion of Chinese goods effective Friday, May 10, followed by another hike shortly after that. Although China has not yet reacted to the development, it is widely believed that the country is likely to come up with a retaliatory tariff hike by equal measure, which may likely cover hardwood lumber and lumber products.

According to NHLA, the Chinese Ministry of Commerce has confirmed that its delegation will be in Washington on Thursday and Friday to continue negotiations. The negotiators representing the U.S. Department of Agriculture (USDA) too hinted that negotiations are on and that a possible agreement is expected to be reached at the earliest.

Though the uncertainty regarding tariffs has impacted hardwood businesses in the country, market experts believe that the moves by the U.S. administration are part of pressure tactics in order to extract maximum concessions from China. Any positive progress during the upcoming negotiations is likely to kill the chances of imposition of higher tariffs, as threatened by the U.S. administration.

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