On the afternoon of February 24th, US local time, the seventh round of China-US high-level economic and trade consultations ended in Washington, the capital of the United States. US President Trump said that the consultations have made substantial progress, and the United States will postpone the measures to impose tariffs on Chinese products on March 1. Sino-US trade negotiations have finally brought in great positive news.
Affected by this, Acuity Brands and Eaton recently announced the suspension of the price increase plan.
Acuity Brands informed that in early February this year, the company intends to raise prices on March 4, 2019, due to increased production input costs, including direct and indirect effects due to tariff increases. However, after the Sino-US consultations, the Trump administration announced a delay in raising tariffs. Therefore, the company now announced that the price increase plan for March was suspended.
Eaton also said that in response to the US delay in the tariff adjustment measures for Chinese products on March 1, Eaton Lighting will suspend the price increase plan from March 1, 2019 until further information is obtained.
Eaton informed that price increases affect tariff products and non-tariff products, covering several key product categories that are affected by many factors such as metal costs, commodities, freight, logistics, wage inflation, and exchange rate fluctuations. Over the next few days, Eaton Lighting will adjust the pricing and related timelines for products affected by such variables.