The president of the American Automotive Policy Council, former Missouri Gov. Matt Blunt, said the release of the uniform regulations in the U.S.-Mexico-Canada Agreement was so recent that it's too early “to give a definitive view of what needs to be clarified,” or is missing. But he said one of the really important asks of the automotive industry was granted -- an acknowledgement that importers and exporters would need the rest of the year to be ready for full compliance.

U.S. lawmakers and sanctions experts said the administration should move faster to impose sanctions on China for interference in Hong Kong and increase export controls on critical technologies and crowd control equipment. Democratic and Republican senators said they would back a bill introduced in the Senate this week that would sanction Chinese officials and foreign banks, while experts called for a focused, multilateral sanctions approach to minimize impacts on Hong Kong citizens and U.S. companies.

Employees from the global trade management software company GTKonnect will join EY member firms in the U.S. and India, the companies said in a news release. “The transaction is part of EY global trade management services expansion,” EY said. Terms of the deal weren't released. “Global trade is undergoing a seismic change as tariff wars, protectionism, regulatory uncertainty and now a pandemic, disrupt established business models and trade relationships,” said Kate Barton, EY global vice chair - tax. “Organizations are struggling to respond and find it increasingly difficult to address their supply chain ecosystems, focus on operational costs and, ultimately, define their medium-to-long-term strategies. We are excited to further expand EY global trade managed service offerings through this strategic transaction.”

Joshua Holzer, previously chief counsel for global trade at Pfizer, joined the StoneTurn advisory firm, StoneTurn said in a news release. The company said Holzer “offers a unique, practical understanding of economic sanctions,” export controls and import matters.

Panelists talking about the future of the World Trade Organization are picturing a world in which the U.S. and China continue to argue about the issues of industrial subsidies and state-owned enterprises while other countries ally at the WTO to work on notifications, a binding dispute settlement process and how to share a vaccine for the COVID-19 virus around the globe.

The World Customs Organization issued the following releases on commercial trade and related matters:​​

Dubai Customs recently announced the extension of a 20% refund on customs fees for imports sold in Dubai markets from March 15 through June 30, according to a June 2 report from the Hong Kong Trade Development Council. The customs authority also eliminated the requirement for a bank or cash guarantee for customs clearance processing, the report said. The measures are part of a “wide-ranging” stimulus package to mitigate the impacts of the COVID-19 pandemic, the report said.

The government of Canada issued the following trade-related notices as of June 3 (note that some may also be given separate headlines):

Sri Lanka lifted import restrictions on certain raw materials but will still ban a wide range of imports, including certain automobiles, furniture, agricultural goods and other items, according to a June 3 report from the Hong Kong Trade Development Council. The country lifted import restrictions on materials used “in the production of export goods or import substitution items,” the report said, such as cement, steel, plastics and rubber, the HKTDC said. However, restrictions are still in place for certain fruits, dairy products, seafood and certain auto products, the report said. The ban, introduced in April, arose from a “decline in export earnings” and tourism due to the COVID-19 pandemic.

China released a plan this week for its Hainan free trade port, aiming to turn it into a global trading hub by eliminating tariffs and other trade barriers. The port will serve as the “frontline of China's integration into the global economic system,” according to a June 1 report from Xinhua, China’s state-run news agency. The island province also will be given “more autonomy in reform … thus clearing institutional obstacles hampering the flow of production factors.” China said it hopes to establish the port by 2025. The announcement comes less than a week after the U.S. certified that Hong Kong no longer qualifies for special customs treatment under U.S. law (see 2005290047).