On January 16, 2020, the United States Trade Representative (USTR) announced the reduction of the additional tariff on Section 301 List 4A goods from 15 percent to 7.5 percent, beginning at 12:01 AM on February 14, 2020.
This year, the Chinese New Year (CNY) holiday is starting early and will occur from January 24 through January 30. It’s not surprising that as the world’s number one exporter celebrates its major holiday, shipping delays can be expected, in some cases, even weeks after the holiday ends.
Each week, the trade community watches the giant chess match between China and the United States, seeing who will make the next move, who will potentially “win” the match or if the game will end in a draw.
If you are one of the many shoppers looking for deals this holiday season, prices may be higher than expected due to new tariffs on imported goods. These tariffs are likely to impact both import shipping volumes and prices of goods throughout this holiday season.
U.S. tariffs totaling to $7.5 billion will be enacted on the European Union today. Producers of specialty food products such as Italian Parmesan, French wine and Spanish olives have been put on the bargaining table as recompense for the illegal EU Airbus subsidies reported earlier this month.
The U.S. administration has halted trade negotiations and doubled Turkish steel tariffs in response to Turkey’s advance into Syria on Monday, October 14. The proposed $100 billion trade deal with the country is on hold due to the advance.
The current Miscellaneous Trade Bill (MTB) (H.R. 4318) is in place through December 31, 2020. However, the USITC is opening the new MTB Portal this Friday, October 11, 2019 to allow U.S.