According to “CSMS #42097586 – Additional Days for Payments due to COVID-19”, U.S. Customs and Border Protection (CBP) will now approve (although on a case-by-case basis) additional days for payment of duties, taxes and fees. As this was just announced, CBP will issue another message with more information.
Last Thursday, the US Trade Representative’s office said they were seeking public comments on lifting additional Section 301 duties (tariffs) on Chinese imports for goods that could help the US fight the current coronavirus pandemic.
The public comments will allow anyone to submit comments if they believe modifications to the Section 301 tariffs may be necessary. Since the corona virus crisis started, the USTR granted exclusions for medical products from China that included medical masks, examination gloves and antiseptic wipes.
Even with the exclusions, the 20-month long duration of the Section 301 China duties still covers over $370 billion in Chinese imports.
A trade deal came into effect on February 15th known as “Phase 1”, but no new trade deals will be announced until after the corona virus crisis ends.
If you have would like to submit comments on what other goods should be excluded – contact experienced customs and trade law attorney David Hsu at 832-896-6288 or by email at firstname.lastname@example.org.
About 30 minutes ago, the Federal Register published the final determination decision by the International Trade Commission finding no material injury by imports of fabricated structural steel from Canada, China and Mexico. The Final Determination can be viewed here: https://www.govinfo.gov/content/pkg/FR-2020-03-20/pdf/2020-05845.pdf
The petitioners have 30 days to file an appeal in court. If no appeal is filed, importers who paid duties may be eligible for a refund after the deadline to appeal expires.
If you want to learn more about getting a refund for your imports of fabricated structural steel from China, Canada or Mexico, contact experienced trade attorney David Hsu by phone/text at 832-896-6288, or by email at email@example.com.
As you are aware, the Trump administration has confirmed a trade deal with China has been reached.
Phase one of the trade deal was just announced:
-List 1 remains at 25%
-List 2 remains at 25%
-List 3 remains at 25%
-List 4b is gone (4b was initially scheduled to take effect December 15th, and included consumer electronics such as cell phones, laptops, computers, etc.).
-“Most” (not all) of List 4a is going to drop to 7.5%.
We will monitor the Federal Register for what specifically is being reduced. If you have any further questions, contact experienced trade attorney David Hsu for immediate help by phone/text at 832-896-6288 or by email at firstname.lastname@example.org, email@example.com.
The Trump administration has postponed the levying of 10% tariffs on List 4 goods covering $300 billion in imports from China until December 15th. The initial date of September 1st was postponed after reports of a phone call with Beijing.
A new round of trade talks will be held in September after this month’s talks did not result in a trade deal.
There is still time to lower your import risk, if you would like solutions to lowering the duties you need to pay, contact experienced trade attorney David Hsu at 832-896-6288 or by email at firstname.lastname@example.org, email@example.com.
According to the Wall Street Journal, the Treasury department’s tariffs is expected to generate almost $72 billion in tariffs through June of this year. This number will likely go much higher if the “List 4” duties take effect on September 1st. On September 1st, over $300 billion in Chinese goods will be subject to a 10% tariff with a potential to increase to 25%.
Specifically, as of June 30th, the Treasury department has collected $63 billion in tariffs over the past 12 months. In contrast, prior to the trade war, the US only brought in $30 billion dollars.
The WSJ estimates the annual generated amount can be as high as $100 billion by the end of the year once the 10% duties are placed on over $300 billion worth of imported goods from China.
If you have any questions how the current 301 duties or proposed List 4 duties will impact you, contact experienced trade attorney David Hsu at 832-896-6288 or by email at firstname.lastname@example.org, email@example.com.
According to the Associated Press, earlier today, China threatened the US with retaliation if Trump goes through with his threat to impose sanctions on “List 4” of goods from China on September 1st.
The primary issues of disagreement between the US and China are the forced technology transfers that are required by US companies doing business in China in addition to the lack of intellectual property protections for companies doing business in China. Additionally, the US has also expressed concerns over China’s 2025.
At the current time, the US has imposed tariffs over $250 billion in Chinese imports while the China has imposed tariffs on over $110 billion in US goods. The proposed September 1st tariffs cover over $300 billion in goods – effectively covering all imports of goods from China. The US government may have an upper hand as China only imported about $160 billion in US goods – a number that highlights the unequal trade balance ($160 billion versus $550 billion).
It will be interesting to see how China retaliates, they can only threaten to impose an additional $50 billion in tariffs on US goods, only 1/6th of the what the US can impose.
According to CNBC, profits earned by China’s industrial firms fell 3.1% in June from a year earlier, according to the China’s National Bureau of Statistics.
The decrease in industrial profits is likely due to the US/China trade war and the increase in tariffs on Chinese imports. CNBC also states that economic growth in the second quarter slowed to a near 30-year low.
With the US and China set to meet on July 30th for the first time since May, both sides may be looking for an agreement to end the almost year-long trade war.