Sureties that provide importers with customs bonds say that they're able to handle covering the potentially significantly higher amounts of duties that importers may owe because of tariff rate increases, according to two companies interviewed by International Trade Today.
The EU wasn't willing to gamble on a trade war, European Commission President Ursula von der Leyen said in her annual "State of the EU" speech.
Two Republican senators took to the Senate floor this week to reiterate their support for increasing sanctions on Russia to pressure it to end its war against Ukraine.
President Donald Trump posted on social media that he is "pleased to announce" that trade negotiations addressing trade barriers between India and the U.S. are continuing. He added: "I look forward to speaking with my very good friend, Prime Minister Modi, in the upcoming weeks. I feel certain that there will be no difficulty in coming to a successful conclusion for both of our Great Countries!"
Nike reached a settlement with importer City Ocean International and freight forwarder City Ocean Logistics in Nike's case against the companies for trademark counterfeiting, trademark infringement, false designation of origin, trademark dilution, importation of goods bearing infringing marks and violation of the Tariff Act. The terms of the settlement weren't disclosed, though Nike dismissed its complaint with prejudice, meaning it can't be refiled (Nike v. Eastern Ports Custom Brokers, D.N.J. # 2:11-04390).
The National Taxpayers Union, an anti-tax group, is arguing that House Republicans should not, for the third time, change the rules of the House to block a vote on the underlying emergencies that allowed the president to impose tariffs under the International Emergency Economic Powers Act.
In the Sept. 3 Customs Bulletin (Vol. 59, No. 36), CBP published proposals to modify and revoke ruling letters concerning the tariff classifications of certain vehicles for the transport of goods.
International Trade Today is providing readers with the top stories from last week in case they were missed. All articles can be found by searching on the titles or by clicking on the hyperlinked reference number.
The Supreme Court on Sept. 9 agreed to hear two cases on the legality of tariffs imposed under the International Emergency Economic Powers Act and to do so on an expedited basis. The court set a briefing schedule that would conclude by Oct. 30 and set argument for the first week of November (Donald J. Trump v. V.O.S. Selections, U.S. 25-250) (Learning Resources v. Donald J. Trump, U.S. 24-1287).
The Supreme Court agreed to hear two cases, on an expedited basis, concerning the legality of tariffs imposed under the International Emergency Economic Powers Act. Briefing will conclude by Oct. 30 and the consolidated cases will be heard the first week of November. The high court decided to consolidate two cases on the issue, one of which was fully before the court on the merits following the U.S. Court of Appeals for the Federal Circuit's ruling that the reciprocal tariffs and tariffs on China, Canada and Mexico to combat the flow of fentanyl went beyond the president's authority in IEEPA. The second case, which was pending before the U.S. Court of Appeals for the D.C. Circuit, was exclusively on whether IEEPA categorically allows for tariffs.