CBP provided guidance on the latest changes announced Sept. 5 to reciprocal tariff exemptions under the "Annex II" list, addressing specifically goods that have been added or removed from Annex II. For entries pre-filed with subheading 9903.01.32 for consumption on or after Sept. 8, "importers should take action as necessary to correct entries to reflect the correct reciprocal tariff applicability as soon as possible no later than within ten days of the cargo’s release from CBP custody," according to a Sept. 6 cargo systems message.
Nearly 40 minerals -- including gold bullion -- as well as sintered neodymium-iron-boron magnets and LEDs are no longer subject to reciprocal tariffs.
Plaintiffs in the primary case on the legality of tariffs imposed under the International Emergency Economic Powers Act told the Supreme Court on Sept. 5 that they consent to the high court's review of the case. Responding to the government's petition for writ of certiorari filed after the U.S. Court of Appeals for the Federal Circuit ruled against many of the tariffs, the plaintiffs, consisting of five importers, said Supreme Court review is "essential," and the court's "final word is needed urgently" in light of the harm wrought by the tariffs (Donald J. Trump v. V.O.S. Selections, U.S. 25-250).
Japanese goods with most favored nation (MFN) duties of 15% or lower will be subject to a 15% reciprocal tariff, all inclusive, retroactive to 12:01 ET Aug. 7, the White House said in an executive order. The order applies the same 15% rule for goods subject to Section 232 tariffs on autos and auto parts upon publication of a Federal Register notice modifying the Harmonized Tariff Schedule. That notice will come within seven days of the executive order being published.
President Donald Trump issued an executive order Sept. 5 adding and removing goods from the “Annex II” list of goods exempt from reciprocal tariffs. The changes take effect at 12:01 a.m. ET Sept. 8.
Japanese goods with most favored nation (MFN) duties of 15% or lower will be subject to a 15% reciprocal tariff, all inclusive, retroactive to 12:01 ET Aug. 7, the White House said in an executive order. The order applies the same 15% rule for goods subject to Section 232 tariffs on autos and auto parts upon publication of a Federal Register notice modifying the Harmonized Tariff Schedule. That notice will come within seven days of the executive order being published.
CBP issued the following releases on commercial trade and related matters:
The EU Parliament is debating a proposal to lower its own tariffs, operating as though the U.S. is upholding its end of the U.S.-EU agreement, despite apparent U.S. failure to enact promised tariff reductions on EU goods. On Sept 1, the EU Parliament held an extraordinary meeting of the Committee on International Trade to discuss the legislation and the deal as a whole.
The U.S. apparently failed to implement promised tariff reductions on European Union goods in time for a Sept. 1 deadline outlined in an EU-U.S. joint statement issued Aug. 21.
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.