World Trade Upheaval Update

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World Trade Upheaval Update

Author: sales@jsconnor.com

11-Jun-19

World Trade Upheaval Update

Further developments on the trade war scene continue to come fast and furious. The latest news concerns the following:

New tariffs on imports from Mexico

An 11th hour agreement was reached Friday evening between negotiators which require Mexico to take additional steps to secure their southern border with Guatamala and the U.S agreed to forgo the implementation of new tariffs scheduled for Monday June 10th on all Mexican origin goods.

India loses GSP status

Effective June 5th, goods from India will no longer receive preferential duty free treatment under the Generalized System of Preferences program. The Trump Administration removed GSP status on imports from India, which amounted to about $5.6 billion worth of good from India, which has become an increasingly important U.S. trading partner. The reason cited for this move was a conclusion reached by the Administration that India will not provide equitable and reasonable access to its markets.

5th Round of Exclusions from Section 301 China tariffs Announced

Further exclusions from the 25% tariffs on List 1 goods from China have been published by the U.S. Trade Representative. These are retroactive to July 6, 2018, the original effective date of the tariffs, and will extend for one year. We are currently running reports to determine if this new round will impact products of any of our clients and you will be notified if this is the case.