Russia trying to legalise blood diamonds from the CAR.

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According to the Independent, Moscow claims the international ban is not working and seeks to end an international embargo on diamonds exported from the Central African Republic (CAR) since 2013. At the moment, the CAR is the only country in the world subject to a ban on “blood diamonds”.

The main reason Moscow wants to end the embargo on CAR diamonds is because 90% of the CAR’s diamonds are exported through the black market.

Blood diamonds refers to diamonds mined in a a war zone, and then sold to finance war activity.

Next year, Russia will chair the Kimberley Process, a UN program designed to stop diamond profits flowing to armed militias or used to fund war. Estimates put the Kimberley Process as high as 99.8% successful in stopping the global production of blood diamonds.

If you have any questions about the Kimberley Process and how it will effect your imports of diamonds to the US, contact experienced trade law attorney David Hsu by phone/text at 832-896-6288 or by email at attorney.dave@yahoo.com, dh@gjatradelaw.com.

China will cut import duty on passenger cars from the US.

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According to a May 22nd Bloomberg article, China will cut import duty on passenger cars from the US. Here are the highlights from the article:

1. China will reduce the import duty on passenger cars from 25% to 10% or 15%
2. Duty on car parts will be reduced to 6%
3. China sold 28.9 million automobiles last year, 4.2% of those sales were imported cars
4. China imported $51 billion in vehicles in 2017, $13.5 billion from North America.
5. Tesla in talks with Shanghai government to open a factory. Tesla owner wants factory to be fully owned instead of a joint venture with a Chinese company.
6. China is working on changing regulations to permit foreign automobile makers to own more than 50% of joint ventures.

I believe these changes are more symbolic and reflect each country taking steps to improve the trade relationship between each other – the majority of GM and Ford vehicles are already made in China through joint venture partnerships.