The Philippines and the United Arab Emirates have applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership to counter U.S. trade tariffs, Nikkei Asia reported Nov. 3, citing Japanese government sources. Last December, the 12-nation free trade agreement invited Costa Rica to begin the process of becoming a member (see 2412030053).
Treasury Secretary Scott Bessent, in two TV interviews, praised the president's trade diplomacy in Asia, and said "a price has got to be paid" for Ontario's ad quoting former President Ronald Reagan in support of free trade.
President Donald Trump said he "got sort of everything that we wanted" out of the meeting last week with Chinese President Xi Jinping, adding later that, "Because of tariffs, President Xi allowed us to win every single point."
President Donald Trump won't attend the oral arguments at the Supreme Court over the legality of his use of the International Emergency Economic Powers Act to levy tariffs on countries around the world, he announced Nov. 2.
While importers may explore tariff mitigation strategies such as duty drawback, bonded warehouses, foreign-trade zones and free trade agreement eligibility, ensuring proper tariff classification should be the first and top priority, because potentially thousands of dollars in the underpayment -- or overpayment -- of duties is at stake if a good is classified incorrectly, speakers said during a panel at last week's International Compliance Professionals Association conference in Texas.
NEWPORT, R.I. -- The Trump administration appears to be ditching the standard of reasonable care by importers in favor of strict compliance when enforcing customs violations, trade lawyer David Murphy said at the Coalition of New England Companies for Trade's (CONECT) Northeast Trade and Transportation Conference on Oct. 29.
The U.S. will drop tariffs on Chinese goods by 10 percentage points on Nov. 10, and also will stop collecting ship-docking fees under the Section 301 action on shipbuilding on that date, the administration announced over the weekend. The fees are suspended for one year.
Pete Mento is leaving his role as director of global customs for DSV, he said in a post on LinkedIn. He said he will return to his “focus of minimizing and eliminating tariffs for importers,” and will have “more on that later.”
Asia Society think tank experts, in an analysis of President Donald Trump's visit in Malaysia, Japan and Korea, called the trip very successful.
U.S. Trade Representative Jamieson Greer said that whether the deal that was just signed with China is a one-year de-escalation, or more, "is in China's hands to some degree." He called the period a confidence-building step, but that if China doesn't do as it promised, then the U.S. has other options.