On 6 August 2020, the US announced that a Section 232 tariff of 10% would again be applied to aluminum imports from Canada, effective 16 August. Whether your company has been following these actions for the past few years or is just now tuning in, TradeMoves is here to help you gain the background needed to understand what Section 232 is and why it is important.
The United States Trade Representative (USTR) announced on 23 June that it is proposing to “carousel” its retaliation list in the US-EU large aircraft dispute. This US action will potentially remove products currently on the list and modify the scope to include new products, an expanded number of countries, and a possible increase in retaliatory tariffs applied.
These proposed modifications are the latest move in a series of actions in the US-EU large aircraft dispute. On 13 July 2018, the WTO ruled in favor of the United States and approved retaliatory measures against the EU due to subsidies provided for the Airbus company and in EU domestic commercial aircraft industry, which were deemed inconsistent with international trade obligations. Following an initial investigation which began on 12 April 2019, a finalized list of products from EU countries subject to additional tariffs came into effect on 18 October 2019 . On 14 February 2020, the USTR announced a further revised list, including an additional tariff on aircrafts and parts from 10% to 15%, as well as other modifications.
Managing Cross-border Risks and Working to Facilitate Resilient Supply Chains
COVID-19 has undoubtedly changed the landscape of international trade. The turbulent times that COVID-19 has ushered in has subsequently established a chaotic trade climate that has seen both positive and negative trade actions by countries. Supply chains have been affected by manufacturing and port closures, as well as export restrictions on some medical and food products. At the same time, there has been positive trade momentum including tariff deferral and exclusions, economic stimulus, extra commercial plane cargo shipments, and increased demand of certain food products. The highs and lows of the pandemic have required countries to reassess their trade policies. Below is a summary of actions over the past three months and considerations for the future as we transition to a new normal and anticipate another wave of cases in fall and winter.