Nortek Security & Control Customers,
Over the weekend, the US and People’s Republic of China leaders agreed to a temporary truce in the ongoing trade dispute that has included unprecedented tariffs imposed by the US Government on many classifications of products imported from China. This weekend’s agreement places a 90-day delay on the round of 25% tariffs that were scheduled to go into effect on January 1st, impacting many products in our categories of Security and Control that were already affected with a 10% tariff. The announcement was short on detail, but the additional 15% tariff is on hold and discussions between the US and China representatives are set to begin with the goal of concluding within 90 days.
While we are optimistic about this news, this is not a reversal of the tariffs already imposed on China imports. The Nortek Security & Control pricing currently in place is the price that will be in effect on January 1; and new price increases related to the additional 15% January 1 Tariffs previously announced to distributors and dealers have been put on hold. Meanwhile, we are not slowing down at all in our efforts to take all appropriate steps to minimize the impact of the tariffs on our customers. In fact, we have a team in Washington, DC this week meeting with key leaders to press our point opposing these tariffs as unnecessary burdens on manufacturers like NSC.
All of us at NSC absolutely believe that our customers and end-users deserve the best value for their money; these tariffs bring no real value and are nothing more than an unnecessary tax that is a burden on businesses like ours that own manufacturing facilities in China. We will do everything we can to communicate to you in a clear and timely manner related to the tariffs and their impact on our and your business.
As always, we thank you for your business.
The Team at Nortek Security & Control