Trade groups representing three strong exporting sectors -- soybeans, semiconductors and medical devices -- and an expert in critical minerals trade all told the Senate Finance Committee that higher tariffs on all countries and products, and constantly changing tariff policy, aren't good for American competitiveness.
A product is "imported" for duty drawback purposes when it's admitted into a foreign-trade zone and not when entered for domestic consumption, the Court of International Trade held on May 15. Judge Timothy Reif said the definition of "importation" found in both the dictionary and Supreme Court precedent distinguishes importation from entry.
The Court of International Trade on May 15 held that a product is "imported" for duty drawback purposes when it's admitted into a foreign trade zone and not when entered for domestic consumption. Judge Timothy Reif said the definition of "importation" found in both the dictionary and Supreme Court rulings distinguishes "importation" and "entry." The judge added that when Congress passed the current drawback statute, it specifically decided the five-year period to make a drawback claim runs from the date of importation and not the date of entry. As a result, the court dismissed importer King Maker Marketing's case challenging CBP's rejection of its substitution unused merchandise drawback claims for being untimely.
The House Ways and Means Committee, after an all-night session on what it calls One Big Beautiful Bill, passed the tax cut bill along party lines on May 14.
A bill being considered in the House Ways and Means Committee that would extend Trump tax cuts that would otherwise expire at the end of the year is looking to international trade to pay for part of the cost of income tax reductions. The bill also adds new tax breaks, such as on overtime pay and tips.
With so much uncertainty occurring with U.S. import regulations, companies should develop multiple strategies that address potentially different tariff outcomes, with some strategies being deployed in the short-term and others being deployed further down the road as the geopolitical situation becomes more clear, according to trade experts with professional services firm KPMG.
The three judges assigned to the case challenging President Donald Trump's use of the International Emergency Economic Powers Act -- Jane Restani, Gary Katzmann and Timothy Reif -- may be poised to rein in the administration's use of the act to impose tariffs, various attorneys told us. Based on their prior jurisprudence and professional backgrounds, the attorneys said, it seems likely the trio may pare back Trump's tariff-setting authority, though it's ultimately unclear to what extent.
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With the White House announcing this week the end of the de minimis exemption for goods made in China starting next month, the U.S. will need to have the customs and trade infrastructure in place to handle significantly higher volumes of formal and informal entries, said Bernie Hart, vice president of customs for logistics provider Flexport.
The White House released a pre-publication copy of President Donald Trump’s executive order on reciprocal tariffs, with Annex III to the order detailing Harmonized Tariff Schedule subheadings that will be used for the tariffs that take effect at 12:01 a.m. on April 5 and on April 9.