The latest United States Trade Representative (USTR) proposed application of an additional 25% duty covering more than 1300 import tariff classifications including: medicaments; pumps and valves; machinery for the oil and gas, agriculture, food, beverage, and apparel industries; motors; generators; trucks; bulldozers; railway cars; automobiles; helicopters; airplanes; boats; and consumer products such as dishwashers, microwaves, TVs, and VCRs. The list of products, defined by 8-digit subheadings of the Harmonized Tariff Schedule of the United States (HTSUS), is set out in the Annex to the Federal Register Notice (click here).
News
Source: National Retail Federation
Imports at the nation’s major retail container ports are expected to grow a healthy 5.8 percent year-over-year this month but could be threatened in the future if the developing trade war between the United States and China continues to escalate, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“Tariffs are a tax on American consumers in the form of higher prices but they are also a tax on American jobs,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “If tariffs ultimately lead to a reduction in imports and exports, that will put dockworkers and countless others in the supply chain out of work. American consumers and workers should not be punished for China’s wrongdoing.”
The United States Trade Representative (USTR) has proposed another $50B worth of 25% tariffs on China imports, to which China has responded with 25% tariffs on another 106 American products.
On Friday March 23rd, President Trump signed the omnibus spending bill which included language for Generalized System of Preferences (GSP) renewal. GSP will be reinstated on April 23rd (30 days after enactment) and valid through December 31st, 2020. GSP will also apply retroactively to entries from January 1st through the reinstatement date.
Source: Institute for Supply Management
Economic activity in the manufacturing sector expanded in March, and the overall economy grew for the 107th consecutive month, say the nation’s supply executives in the latest Manufacturing ISM® Report On Business®.
Global Trade
Recently, John Carr (MIQ President and CEO) answered several questions that were posed to 9 global 3PL leaders. An excerpt of John’s responses were featured in the article entitled “Take Me To Your Thought Leader”; currently found in the April/May edition of Global Trade magazine. >> Click here to access the entire article.
President Trump Proposes Increased Tariffs on China Imports
Based upon an investigation by the United States Trade Representative (USTR) under section 301 of the Trade Act of 1974, as amended (the “Act”) (19 U.S.C. 2411) President Trump issued a Memorandum on March 22 stating he will impose about $60 billion worth of annual tariffs on Chinese imports as a result of China’s laws, policies, practices, or actions that may be unreasonable or discriminatory and that may be harming American intellectual property rights, innovation, or technology development. The tariffs, which the United States trade representative will publish within 15 days, will target 1,300 lines of Chinese goods — everything from shoes and clothing to electronics, administration officials said. Under the terms of the memorandum, the President ordered a 60-day consultation period, which will give industry lobbyists and legislators a chance to water down a proposed target list.
The most recent Nor’easter of the season is impacting logistics from Washington D.C. to Boston.
The latest storm summary from NOAA (National Oceanic and Atmospheric Administration) shows snow accumulation throughout 9 states, with some of the heaviest accumulation for Virginia, West Virginia, Maryland, Pennsylvania, New Jersey and New York.
With snow expected to continue for the New York and New Jersey, and Washington D.C. areas from Wednesday into Thursday, there have already been hundreds of flight cancelations and port closures. Below is a summary of what is being reported as of Wed (3/21).
Source: National Retail Federation
Imports at the nations’ major retail container ports are expected to dip slightly this month, but that’s the result of annual Asian factory shutdowns for Lunar New Year rather than new tariffs on steel and aluminum imposed this week, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates. Nonetheless, those and other tariffs could eventually have an impact on the ports.
The President announced today that he concurred with the Commerce Department’s findings in its Section 232 investigations that imports of steel and aluminum impair national security. Pursuant to the recommendations contained in the Commerce Department’s Report, the President ordered a 25 percent ad valorem tariff on steel articles and a 10 percent ad valorem tariff on aluminum articles, as defined below, imported from all countries except Canada and Mexico. These additional duties will be effective with respect to goods entered, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on March 23, 2018.
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