On September 17, 2018, the Office of the United States Trade Representative (USTR) released the third list (List 3 Final) of approximately $200 billion worth of imports from China that will be subject to additional tariffs. This recent action is part of the Section 301 U.S. response to China’s unfair trade practices related to the forced transfer of American technology and intellectual property.
Unlike previous Section 301 actions, this third list of additional tariffs will be implemented in two phases, with effective dates of September 24, 2018, and January 1, 2019. This third list follows the first list of tariffs on approximately $34 billion of imports from China which went into effect on July 6, 2018, and the second list of approximately $16 billion of imports from China which went into effect on August 23, 2018.
Source: National Retail Federation – September 10, 2018
With retail sales continuing to grow, imports at the nation’s major retail container ports are expected to remain strong this month after setting three new records this summer, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“More tariffs could come any day, and retailers have been bringing in record amounts of merchandise ahead of that in order to mitigate the impact on their customers,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Retail sales are growing stronger than expected this year thanks to tax cuts and job creation, but tariffs are the wild card that threaten to throw away a significant portion of those benefits.”
On September 13, 2018, H.R. 4318: Miscellaneous Tariff Bill Act of 2018 (MTB) was signed into law. This bill suspends or reduces through December 31, 2020, import duties on approximately 1700 products generally not made in the United States. Most of the products listed were recommended by the International Trade Commission (ITC) pursuant to a process established in the American Manufacturing Competitiveness Act of 2016. The products covered include specified chemicals, as well as other items such as certain agricultural products, textiles, fabrics, apparel, bags, gloves, footwear, and some equipment and machinery.
For additional information, contact your local MIQ Logistics representative.
On September 3, 2018 the Office of the United States Trade Representative (USTR) and the Republic of Korea’s Ministry of Trade, Industry and Energy published the “Agreed Outcomes” from the U.S. – Korea Free Trade Agreement (KORUS) amendment and modifications negotiations.
According to U.S. Trade Representative Robert Lighthizer, “The United States and Korea have strengthened an important economic relationship by agreeing to substantial improvements to KORUS that will help rebalance our trade, reduce our trade deficit, and expand U.S. export opportunities”.
The ports along the U.S. East Coast (USEC) are currently operating but have begun to prepare for Hurricane Florence’s arrival over the next 48-72 hours. Florence is forecasted to be a dangerous major hurricane making landfall near the southeast U.S. east coast by late Wednesday or early Thursday. The storm winds had increased to 130mph as of late yesterday.
Ocean carriers advise they are in contact with the U.S. Coast Guard, ports, terminals, and the rail and trucking industry to ensure they have the latest updates. The carriers are recommending customers with high value reefer and other import cargo to pick it up from your local port as soon as possible, due to the risk of flooding and port closures in the days ahead.
Source: Institute for Supply Management
Economic activity in the manufacturing sector expanded in August, and the overall economy grew for the 112th consecutive month, say the nation’s supply executives in the latest Manufacturing ISM® Report On Business®.
On August 29, 2018, the President of the United States signed a proclamation allowing for targeted relief from quotas on steel from Argentina, Brazil, and South Korea and aluminum from Argentina, imposed under Section 232. Importers can apply for product exclusions based on insufficient quantity or quality available from U.S. steel or aluminum producers.
During the month of August 2018, MIQ Logistics was involved in a number of events throughout the logistics industry. Read regulatory updates, industry updates, services offered by MIQ, and events that will be taking place in the August 2018 logistics link.
In a conference call this morning the United States White House announced that it had reached a preliminary trade deal with Mexico. The new agreement would be called the “United States – Mexico Trade Agreement”.
MIQ Logistics is a proud member of the U.S. Customs-Trade Partnership Against Terrorism (C-TPAT) program. C-TPAT is joint government-business initiative directed at companies who participate in international trade and transportation.
C-TPAT is one of the many layers of U.S. Customs and Border Protection’s (CBP) multi-layered cargo enforcement strategy. Through C-TPAT, CBP works with the trade community to strengthen international supply chains and improve United States border security.