Rep. Rick Larsen, one of the chairpersons of the New Democrats' trade task force, told the Washington International Trade Association that he thinks the U.S. has not gotten any benefit out of the Trump administration's trade war. When asked by International Trade Today if a Joe Biden administration would roll back the Section 301 tariffs, even if China does not give concessions on industrial subsidies or state-owned enterprises, Larsen said, “I think the next administration needs to reset where we are, how we’re going to approach this.”
2020 outpaced even the active 2019 in terms of the frequency of Harmonized Tariff Schedule updates. Most of the updates implemented new Section 301 exclusions and changes and extensions for existing ones. Other major changes included new Section 232 tariffs on steel and aluminum "derivatives" and the withdrawal of Generalized System of Preferences benefits for many goods from Thailand In all, 13 revisions were issued prior to the mid-year Revision 14, as follows:
The International Trade Commission posted Revision 14 to the 2020 Harmonized Tariff Schedule. The semiannual update to the HTS implements USMCA, which took effect July 1, and adds new tariff numbers for a variety of products, including diagnostic reagents and personal protective equipment. All changes take effect July 1, unless otherwise specified.
A group of 160 companies and trade groups is asking Congress to urge the administration to bring back temporary duty deferral, and to lift all Section 301 tariffs, or at the very least, improve the percentage of exclusion approvals and extend them for a year.
CBP issued the following releases on commercial trade and related matters:
Importers continue to ask CBP what they should do about importing used cars that were built in Canada, the U.S. or Mexico, when they cannot know if those vehicles meet the new regional value content standards.
The International Trade Commission posted Revision 14 to the 2020 Harmonized Tariff Schedule. The semiannual update to the HTS implements USMCA, which took effect July 1, and adds new tariff numbers for a variety of products, including diagnostic reagents and personal protective equipment. All changes take effect July 1, unless otherwise specified.
CBP issued the following releases on commercial trade and related matters:
CBP created Harmonized System Update (HSU) 2005 June 29, containing 124,980 Automated Broker Interface records and 24,925 Harmonized Tariff Schedule records, it said in a CSMS message. The update includes changes necessary to implement the U.S.-Mexico-Canada Agreement and to support the automation of softwood lumber assessments. The update also covers modifications mandated by the 484 F Committee (the Committee for Statistical Annotation of Tariff Schedules) and recent Section 301 tariff exclusions. Further information: Jennifer Keeling, Jennifer.L.Keeling@cbp.dhs.gov.
International Trade Today is providing readers with some of the top stories for June 22-26 in case they were missed.