The Coalition for GSP released a new analysis of trade data that says $1.7 billion was paid in tariffs that would have been eliminated through the Generalized System of Preferences from the benefits program's expiration through the end of June. Importers who want to take advantage of GSP mark those entries as such, because their tariffs will be refunded once it is renewed.
International Trade Today is providing readers with the top stories from last week in case they were missed. All articles can be found by searching on the titles or by clicking on the hyperlinked reference number.
House Ways and Means Chairman Richard Neal, D-Mass., said that even though the politics around an end-of-year tax extender may change if Congress makes some renewable energy tax credits permanent, he believes it's still likely that the modernization act for the Generalized System of Preferences benefits program and Miscellaneous Tariff Bill can get done by the end of the year.
Senate Majority Leader Chuck Schumer, D-N.Y., speaking on the floor of the Senate just before the CHIPS bill passed, said he wants the conference committee for the House and Senate China packages to continue negotiating.
Importers of finished goods and manufacturing inputs told the International Trade Commission across three days of testimony that the Section 301 tariffs are damaging profit margins, and in some cases lead to layoffs. But some unions and manufacturers said the Section 301 tariffs are deserved for Chinese abuses, and with the tariffs in place, the goods they make are more competitive. The International Trade Commission is studying the efficacy of Section 301 and Section 232 tariffs, and their economic impact.
Congress is abandoning its effort to compromise on its two China packages as the Senate moves to pass a pared-down bill that will provide financial incentives for domestic semiconductor manufacturing. What exactly is in the bill isn't yet known, but none of the trade title is expected to survive.
International Trade Today is providing readers with the top stories from last week in case they were missed. All articles can be found by searching on the titles or by clicking on the hyperlinked reference number.
Republicans who are in the China package negotiations say that Senate Minority Leader Mitch McConnell's tweet that said that moving even a smaller Build Back Better bill would halt negotiations was not an empty threat. He had said that while Congress was away from Washington, at the beginning of the month (see 2207010039).
An advocacy group for the Generalized System of Preferences benefits program showed that purchases of 25 products that were once covered by GSP have shifted back to China since the program's expiration.
International Trade Today is providing readers with the top stories from last week in case they were missed. All articles can be found by searching on the titles or by clicking on the hyperlinked reference number.