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Trade News
Trade News
02
Jul
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...
30
Jun
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...
29
Jun
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...
25
Jun
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...
10
Jun
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...
05
Jun
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.
03
Jun
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...
01
Jun
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...
