Status of Trade Negotiations with China in Question
On May 5, President Trump announced via Twitter that his administration plans to increase the tariff rate on $200 billion worth of Chinese imports from 10 percent to 25 percent on May 10. He also stated plans to place duties on another $325 billion worth of Chinese import goods. Many of the items that have had duties accessed on them are materials incorporated into the actual construction project itself, necessary parts for manufacturing construction equipment, or the construction equipment itself. Costs for these various supplies, materials, and equipment may rise accordingly, placing further pressure on contractors to increase their bid prices. For a full rundown of trade actions taken by the Trump administration and their impact on the construction industry, click here.
For more information, contact Cory Gattie at [email protected] or (202) 547-4685.