Good News for Magnets! You may have heard that the U.S. Trade Representative (USTR) had been considering a tariff of up to 25% on industrial magnets from China. These tariffs would have affected many of our products, as China is the world’s primary source for rare earth elements and other minerals used to produce magnets. However, when the final list of tariffs was published, it did not include industrial magnets amongst the $200 billion of Chinese goods subject to a 10% tariff effective Monday 9/24/18, and increasing to 25% on January 1, 2019.<
For more details about tariffs the USTR has implemented in response to China’s theft of American intellectual property and forced transfer of American technology, please read the official press release: http://www.bestenmagnet.com/News/Tariffs.html
Besten Magnet appreciates our partnership with you and will keep you informed of any developments that could affect your product designs or supply chain. If you have any questions, please let us know.
