New Tariffs Suspended While China Trade Negotiations Continue
During an appearance on Fox News Sunday on May 20, Treasury Secretary Steven Mnuchin said that around $150 billion worth of proposed tariffs on Chinese goods pursuant to Section 301 of the Trade Act of 1974 are on hold as the two countries continue trade negotiations to reduce their deficit.
“We’re putting the trade war on hold, so right now we have agreed to put the tariffs on hold while we try to execute the framework. … We have an agreement with China that they’re going to substantially agree to it.”
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Imports at the nation’s major retail container ports are expected to grow steadily throughout the summer despite the prospect of heavy tariffs on goods from China, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“With proposed tariffs yet to be officially imposed, retailers are stocking up on merchandise that could soon cost considerably more,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “If tariffs do take effect, there’s no quick or easy way to switch where these products come from. American families will simply be stuck paying higher prices and hundreds of thousands of U.S. jobs could be lost.”
On May 8, 2018, the President announced his decision to cease the United States’ participation in the Joint Comprehensive Plan of Action (JCPOA), and to begin re-imposing the U.S. nuclear-related sanctions that were lifted to effectuate the JCPOA sanctions relief, following a wind-down period.
Departments and Agencies will begin the process of implementing 90-day and 180-day wind-down periods for activities involving Iran that were consistent with the U.S. sanctions relief specified in the JCPOA. At the end of the 90-day and 180-day wind-down periods, the applicable sanctions will come back into full effect.
Economic activity in the manufacturing sector expanded in April, and the overall economy grew for the 108th consecutive month, say the nation’s supply executives in the latest Manufacturing ISM® Report On Business®.
On Friday, March 23, 2018, the President signed into law H.R. 1625 (Public Law 115-141), the “Consolidated Appropriations Act, 2018,” which in addition to providing full-year federal appropriations through September 30, 2018, extended GSP with retroactivity, for goods entered or withdrawn from a warehouse for consumption from January 1, 2018 through December 31, 2020. The new law, effective April 22, 2018, also provided for the retroactive refund of all duties (without interest) to the importer of record (IOR) on GSP-eligible goods entered during the January 1, 2018 through April 21, 2018 lapse period.
The following announced levels from carriers are for upcoming General Rate Increases (GRI) and Peak Season Surcharges (PSS). Additionally, you will find Bunker Fuel Levels as well as the Low Sulphur Levels for the 2nd quarter of 2018.
Canadian Pacific Railway Limited (CP) announced that a new labor agreement was reached with both the Teamsters Canada Rail Conference – Train & Engine (TCRC) and the International Brotherhood of Electrical Workers (IBEW), averting the potential work stoppage scheduled for 12:01am EDT April 21. CP’s embargoes for shipments routing to and from CP Canadian locations were canceled and CP immediately executed a safe and structured start-up of its train operations in Canada. The CP Customer Service Team is available to answer questions.
The Shanghai Maritime Safety Administration has again implemented traffic control measures over the Yangtze River waterway from April 21 through April 23 due to restricted visibility of less than 500 meters. Shanghai arrivals and departures, and sailing schedules will be impacted for the next six days, resulting in a compounding effect on sailing schedules from main ports in China.
Canadian Pacific Railway Limited (CP) announced that the Teamsters Canada Rail Conference – Train & Engine (TCRC) and the International Brotherhood of Electrical Workers (IBEW) have delivered a 72-hour notice of their respective plans to strike on April 21, 2018 at 12:01am EDT. The two unions represent over 3,300 engineers, conductors, signal and communication workers.