May 2019 - Express Trade Capital

Turkey Trade Designation Update

May 21, 2019

Sadie Keljikian, Express Trade Capital

The President issued Proclamation 9887 on May 16th, entitled To Modify the List of Beneficiary Developing Countries Under the Trade Act of 1974. The proclamation indicates the termination of Turkey’s status as a beneficiary developing country, effective May 17^th, 2019. The decision comes as a result of Turkey surpassing minimum economic criteria for the designation.

For US importers, this has a few implications. First, all goods brought in from Turkey are no longer eligible for preferential duties under the Generalized System of Preferences, or GSP. Crystalline silicon photovoltaic (CSVP) cells from Turkey are now subject to safeguards outlined in Proclamation 9693. Additionally, large residential washers coming from Turkey will be subject to stipulations indicated in Proclamation 9694.

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Trade War with China Rages On

May 16, 2019

Sadie Keljikian, Express Trade Capital

Per last week’s announcement, the White House has raised existing tariffs on $200B worth of Chinese imports from 10% to 25% and is now threatening new tariffs of up to 25% on an additional $300B worth of Chinese imports as part of its ongoing trade war with China. The latest list targets a wide variety of goods, including apparel, accessories, food and beverage products, and livestock.

President Trump seems optimistic about reaching an agreement with Chinese President Xi Jinping and downplays the conflict as a “little squabble…because we’ve been treated very unfairly for many, many decades.” The proposed changes will likely take effect in late June or July unless a trade agreement can be reached before then. Importers should begin preparing to either pay the newly raised tariffs or acquire their goods elsewhere.

Talk to our team today to learn how ETC can help you plan for the increased costs your business will incur due to the new tariffs and how to protect your business during these uncertain times.

Tariffs on Chinese Imports May Rise Again

May 7, 2019

Sadie Keljikian, Express Trade Capital

Due to delays in establishing a trade deal between the US and China, the President unofficially announced plans to raise the trade remedy tariff from 10% to 25% effective Friday. This will seemingly apply to all List III goods. The President also suggested a possible extension of the trade remedy tariffs to all imports from China.

Although an official notice has not been published yet, it is wise to prepare for the tariff increase as of May 10 if you import any included goods from China.