US LIFT CHINA TARIFFS ON LUXURY VINYL TILE
Luxury vinyl tile or LVT is gorgeous and extremely durable. It also comes in a variety of colors and patterns. Did you know that Luxury vinyl tile has become a popular choice for homeowners because it looks like a real tile? It is also easy to install, clean and maintain. Plus, it’s warm and comfortable under your feet. If you have central heating during winter, your floor will not send chills to your body every time you step on it.
Is Luxury Vinyl Tile for You?
Luxury Vinyl tile or LVT flooring has become popular due to several reasons which include durability, price and unique-looking surfaces. If you are looking for a type of flooring that can instantly create a luxurious feel for your home, LVT is for you. With its beautiful appearance and resistance to daily wear and tear, you can never go wrong with luxury vinyl tile.
The Latest News on Luxury Vinyl tile
Just recently, the U.S. government had lifted tariffs on products coming from China, including vinyl flooring tiles. It has been argued that tariffs would certainly make every U.S. consumers’ lives more difficult, so it was really a relief that the tariff was lifted temporarily. We all know how tariffs can impact a consumer’s life, but it is necessary so the U.S. government can raise revenue as well as protect the domestic industries. That way, consumers would prefer to buy domestic products because it’s cheaper.
However, this time, the U.S. government announces on November 7, 2019, that USTR, or U.S. Trade Representative, granted the lifting of tariffs on LVT from China. The pressure for tariffs on LVT has been an issue since last year among big companies including Mohawk Industries Inc. and Congoleum Corp. An increase of 25 percent of duties on LVT from China seems reasonable because it can boost American manufacturing.
On the other hand, some importers had disagreed, saying that tariffs would affect the demand for LVT and might end up raising the prices for the consumers in the U.S., but was busted by a coalition that claims LVT is not produced in sufficient quantities either in the U.S. or anywhere else but only in China. This can only mean one thing – tariffs would hurt U.S. consumers directly. Because of the lifting of the tariffs, many were glad about it because then, companies and several manufacturers of luxury flooring have now exclusivity right on several products.
A hearing last year was made and Mohawk Industries claimed that with tariffs, jobs could increase the manufacturing sector of LVT in the U.S. but those that are against tariff says otherwise. If the LVT becomes more expensive due to tariffs, it could mean two things – less demand and job losses which can greatly affect the U.S. economy. The announcement of this tariff lifting has caused a lot of noise, triggering companies to counter file complaint to U.S. authorities. Hearings are scheduled early next year, so there will be more news to hear about LVT tariffs so it is best if you update yourself with it.