CBP has been liquidating entries related to the International Emergency Economic Powers Act tariffs faster than the typical 314-day cycle, so importers should monitor and track those entries that they plan to file protests on, a trade attorney suggested in a note to clients this week.
Should the Supreme Court rule that the tariffs administered under the International Emergency Economic Powers Act are not valid, importers of record, who could potentially receive duty refunds, may also end up in legal battles with others who shared in the importer's tariff burden, founding member and principal of Sandler and Travis said during Flexport's Nov. 12 webinar on tariff trends.
The U.S. is eliminating 15% tariffs on Ecuadoran bananas and cocoa, and 10% tariffs on Guatemalan coffee and Argentinian beef, as the three countries have reached framework agreements on reciprocal trade.
China has added the U.S., Canada and Mexico to its list of countries requiring export licenses for certain precursor chemicals, its Ministry of Commerce announced Nov. 10, according to an unofficial translation.
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.
As customs brokers and importers respond to sudden changes in U.S. trade compliance regulations, the trade will need to come up with new models that can allow companies to be nimble when those changes trickle down to the Harmonized Tariff Schedule, trade expert Cindy Allen said recently at the Automotive Industry Action Group's North American Customs and Trade Town Hall on Nov. 6 in Detroit.
President Donald Trump told a TV interviewer that there would be "surgical" reductions to reciprocal tariffs, and that he intends to lower tariffs on coffee.
China has suspended port fees for U.S. ships and sanctions on five U.S. subsidiaries of South Korean shipbuilder Hanwha Marine Corporation in response to the Trump administration's decision last week to drop ship fees for Chinese vessels and slash tariffs on Chinese goods (see 2511030005).
Over the weekend, President Donald Trump promised to give dividends of $2,000 to Americans from the revenues collected from his tariff policy.
Senate Finance Committee Chairman Mike Crapo, R-Idaho, blocked a vote on a bill that would end tariffs on imported coffee.