As reciprocal tariffs against imports from China and Hong Kong fall from 125% to 10% for 90 days as the U.S. and China seek to hash out a trade deal (see 2505120006), so are Southern California port volumes and trans-Pacific freight rates reflected the volatility seen in the trade space.
While traveling in the Gulf States in the Middle East, President Donald Trump again said that negotiators in his administration don't have time to meet with every country subject to reciprocal tariffs ahead of the 90-day deadline for those tariffs to snap back into place. So, he said, he will be telling some countries what their tariff rates will be in two or three weeks.
Although the reciprocal tariff for imported Chinese goods may have fallen to 10% for 90 days (see 2505130074), Flexport trade experts advised companies to not treat this action as if there will be an extension. Doing so will prevent companies from having to ask later whether they will have any in-transit exemptions as the 90-day period ends around Aug. 12, according to Angela Lewis, global head of customs for Flexport.
A reduction in reciprocal tariffs on Chinese goods to 10% has not ended the harm to families that need to stock up for new babies, Congress's "Dads Caucus" argued at a press conference May 15.
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.
CBP created Harmonized System Update 2518 on May 13 and HSU 2519 on May 14. HSU 2518 contains 79 Automated Broker Interface records and 23 Harmonized Tariff Schedule records. HSU 2519 contains 1 ABI record and 1 HTS record.
Goods loaded onto feeder vessels before reciprocal tariffs took effect, but transferred to another vessel after, aren’t eligible for an exemption from the tariffs for in-transit goods, CBP said in an update to a FAQ May 15.
Goods loaded onto feeder vessels before reciprocal tariffs took effect, but transferred to another vessel after, aren’t eligible for an exemption from the tariffs for in-transit goods, said CBP in an update to a FAQ May 15.
CBP has added several new enhancements, detailed in its May ACE Development and Deployment Schedule, that seek to facilitate the input of tariff-related data into ACE.
The Senate Finance Committee's top Democrat, Sen. Ron Wyden of Oregon, said he thinks Republicans in Congress will act to reverse some of the tariffs President Donald Trump has imposed -- if they hear enough outrage from Republican base voters.