CBP issued the following releases on commercial trade and related matters:
CBP issued the following releases on commercial trade and related matters:
CBP created Harmonized System Update (HSU) 2304 on March 9, containing 77 ABI records and 18 Harmonized Tariff Schedule records. These changes include additional Section 232 duties on imports of aluminum and derivative aluminum products from Russia and changes to HTS flagging. "With the upcoming ACE HTS deployment in May 2023, we recommend testing in ACE Certification," CBP said in a March 10 CSMS message.
CBP will require new data on entry summaries for aluminum products beginning on April 10, the agency said in a CSMS message issued March 9. The data will aid its enforcement of increased Section 232 tariffs on Russian aluminum that include articles from third countries that use any Russian aluminum (see 2302240006).
CBP issued the following releases on commercial trade and related matters:
The victories that countries won at the World Trade Organization over American steel and aluminum tariffs (see 2212090060) will only complicate the discussion on how to bring back binding dispute settlement, panelists said at a Washington International Trade Association event.
Proclamations increasing tariffs on Russian goods (see 2302240006) were published in the March 2 Federal Register, alongside annexes detailing the tariff subheadings facing the tariff increases. President Joe Biden authorized hiking tariffs from 35% to 70% on 45 products from Russia, largely steel and iron products, but also copper, lead, industrial diamonds and some aluminum categories; and upped tariffs on most aluminum products to 200%. Most of the 570 products previously subject to the 35% tariff will remain taxed at 35%.
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The new Republican majority in the House Ways and Means Committee said it plans to do oversight across a multitude of trade policies advanced by the administration, including enforcement of trade agreements and trade negotiations for the Indo-Pacific Economic Framework for Prosperity (IPEF), the Americas Partnership for Economic Prosperity, the U.S.-Taiwan Initiative on 21st Century Trade and the U.S.-Kenya Strategic Trade and Investment Partnership. For existing FTAs, the committee said it wishes to identify provisions that should be updated to improve the agreements' benefits for the U.S.
A trade group for the Mexican steel industry, CANACERO, warned that Mexico likely will retaliate against U.S. steel exports if the U.S. reimposes 25% tariffs on Mexican steel -- and the U.S. exports much more steel to Mexico than vice versa.