The Office of the U.S. Trade Representative says it's considering extending $34 billion in tariff suspensions for Chinese goods.
So, let's get into the nitty gritty of these tariff suspensions. In July 2018, the USTR imposed tariffs on $34 billion worth of Chinese goods as part of an investigation of "China's acts, policies, and practices related to technology transfer, intellectual property, and innovation." In December 2018, the USTR granted an exclusion of those products for a year — reportedly at the request of U.S. importers. And with that expiration date coming up, the USTR is taking a look at extending them.
The U.S.' lead trade agency says it will consider extending the tariff suspensions on a case-by-case basis. If approved, the extensions will last up to a year.
As of recently, the U.S. and China seem to be in a decent place when it comes to trade. The Trump administration delayed the next round of tariffs on $250 billion of Chinese goods in September, and last week, the USTR said the U.S. and China were close to finalizing some parts of a trade deal.
President Donald Trump previously said the first phase of the deal would address issues like intellectual property and China purchasing a certain amount of U.S. agricultural products.