Trade News

Trade News

Chapter News, Trade & TTIP Related

Extracts from Commissioner Phil Hogan’s remarks at European-American Chamber of Commerce event on Transatlantic Leadership Post-Covid

From EU Trade Commissioner Phil Hogan | Introduction I spent the lockdown at the heart of the EU, where all the action is. I worked every day in Brussels, to keep the bays moving. Right now everyone, be it companies or otherwise is evaluating his or her Trade Policy. It will not be business as usual. Major changes are taking place. Fundamentally, every company will have to look at their mission statements to adapt to the reality ahead. For the...
Member News, Trade & TTIP Related

GTlaw: U.S. May Impose Additional Tariffs on EU Products

On June 26, 2020, the Office of the U.S. Trade Representative announced that it is considering modifying the list of European Union products subject to additional tariffs upon importation into the United States and increasing the tariff rate up to 100 percent. The USTR is accepting comments whether specific products should be either added to or deleted from the lists and whether the rate on specific products should be increased. Comments are due by July 26, 2020. The current rate...
Member News, Trade & TTIP Related

GDLSK: Section 301 tariffs on certain EU products

Between June 26- July 26, 2020, the US Special Trade Representative is accepting comments regarding the imposition of Sec. 301 tariffs on certain EU products. The products are segregated into 3 categories: Products currently subject to the Sec. 301 tariffs (at 10% and 25%); Products that were previously considered for inclusion but not previously  subject to the Sec. 301 tariffs; New products. Consider submitting comments if any product is potentially exposed to 301 duties under this new initiative. Federal Register Notice...
Member News, Trade & TTIP Related

GDLSK: U.S.-Mexico-Canada Agreement Takes Effect On July 1, 2020

Importers and exporters of goods produced in North America are reminded that the U.S.-Mexico-Canada Agreement (“USMCA”) takes effect on July 1, 2020.  On that date, the eligibility rules and procedures under the North American Free Trade Agreement (“NAFTA”) will cease to apply and will be replaced by those provided for under the USMCA. The rules for originating status have remained the same for most commodities.  However, there are significant changes that have been made with respect to certain commodities, most notably...
Trade & TTIP Related

GDLSK Upadate: USTR Announces Additional Exclusions Granted on SEC. 301 List 4 Products

On June 9, 2020, the U.S. Trade Representative (“USTR”) announced that an additional 34 items will be excluded from the Section 301 trade remedies imposed on Chinese-origin products.   The newly announced exclusions all relate to items on China 301 List 4A (which is part of the $300 billion trade action) which, unless excluded, are currently subject to an additional tariff of 7.5% ad valorem.  The list of newly-excluded items (which supplements the exclusions previously granted by the USTR) is...
Chapter News, Trade & TTIP Related

Monthly U.S. International Trade in Goods and Services, April 2020

June 04, 2020 | The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $49.4 billion in April, up $7.1 billion from $42.3 billion in March, revised.  Notably, the Commerce Department reported a record 13.7% drop in imports compared to March, and a 20.5% fall in exports—another record—over the same period. To access the full report: Monthly U.S. International Trade in Goods and Services, April 2020 Compliments of the US Department of Commerce.
Member News, Trade & TTIP Related

GDLSK: USTR Seeking Comments on the Extension of Certain Additional Expiring China 301 List 3 Exclusions

June 02, 2020 | The Office of the U.S. Trade Representative (“USTR”) has issued a notice requesting comments on whether certain additional China 301 tariff exclusions, scheduled to expire on August 7, 2020, should be extended. It has previously solicited comments with respect to the exclusions described in the 11 List 3 product exclusion notices issued as of March 26, 2020 (details at: https://www.gdlsk.com/ustr-seeking-comments-on-the-extension-of-certain-expiring-china-301-list-3-exclusions/). In its current notice, it is now soliciting comments on whether to extend, for a period of up...
Chapter News, Trade & TTIP Related

Tracking Trade During the COVID-19 Pandemic

May 14, 2020 | With the current fast-changing developments, policy makers need to know what is happening to the economy in real time, but they often must settle for data telling them what happened many weeks ago. And international trade, which links countries through a complex web of supply chains, is an area where timely information is especially valuable from a global perspective. Most trade takes place by sea, and—for navigational safety purposes—virtually all cargo ships report their position, speed, and other...