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NEW LIST 2- SECTION 301 EXTENSIONS

posted by Jennifer Diaz October 1, 2020 1 Comment

On June 25, 2020, the Office of the United States Trade Representative (USTR), requested the public to submit comments regarding potential product exclusion extensions for items subject to Section 301 Tariffs. This comment period specifically applied to products that were included on List 2, which went into effect on August 23, 2018.

List 2 imposed 25 percent additional duties on 279 eight-digit subheadings of the Harmonized Tariff Schedule of the United States (HTSUS) and had an annual trade value of $16 Billion.

On September 18, 2018, USTR provided the public with an exclusion process; then September 2019, USTR granted a number of exclusions that were set to expire on September 20, 2020. In the June 25th Notice, commenters were asked a variety of questions relating to their supply chains, such as…

whether the particular product and/or a comparable product is available from sources in the United States and/or in third countries; any changes in the global supply chain since August 2018 with respect to the particular product, or any other relevant industry developments; and efforts, if any, importers or U.S. purchasers have undertaken since August 2018 to source the product from the United States or third countries.

The June 25th announcement was made via federal register notice and stated that requests for exclusion extensions were to be submitted no later than July 30, 2020. Less than three months later, on September 22, 2020USTR announced its determination to extend certain exclusions through the end of the year. Although USTR could have extended the exclusions for up to 12 months, these exclusions are effective as of September 20, 2020, and will now expire on December 31, 2020.

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An Introduction to U.S. Trade Databases

posted by Jennifer Diaz September 25, 2020 1 Comment

Co-Authored by Sharath Patil

Introduction

There are many factors that U.S. exporters and importers should be conscious of in their operations – including trade and customs laws, foreign market opportunities, changes in commodity prices, and currency fluctuations – just to name a few. However, one vital consideration that exporters and importers alike often overlook is trade flows. A firm’s ability to analyze and keep a pulse on trade data pertaining to that company’s product category can provide that exporter or importer with a clear vision of what’s actually happening. This perspective can empower a firm to optimize its operations and gain an edge against competitors. For example, U.S. importers who regularly track and analyze trade data can gain an understanding of how tariff and non-tariff barriers affect imports. Similarly, U.S. exporters can track and analyze trade data to glean vital intelligence about opportunities in foreign markets. In doing so, U.S. exporters can gain an understanding of which markets their U.S. competitors are selling to and which countries demand is quickly increasing. Analyzing trade data is the first step to developing a sound import or export market strategy. However, doing so once is not enough. Importers and exporters should have a regular practice of tracking trade flow developments and restructuring operations based on what the data reveals. Such a nimble posture can truly empower businesses trading internationally.

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