Sonos touted growth in its rising direct-to-consumer (DTC) business in a Wednesday evening fiscal Q2 shareholder letter. Revenue fell 23% in March on inventory “rebalancing” in the sales channel, broad-based retail store closures and “softer global demand” stemming from the COVID-19 pandemic.
The United States notified the World Trade Organization that it has fully complied with the WTO's findings in the Boeing subsidies dispute, the Office of the U.S. Trade Representative said May 6. The European Union and U.S. have been battling for 15 years over whose subsidies to their aircraft manufacturers distort trade. The WTO has said that both sides were in the wrong, and the U.S. currently has Section 301 tariffs on about $7.5 billion worth of European aircraft, food, apparel, linens, tools, wine and spirits in a WTO-sanctioned retaliation for past Airbus subsidies.
The United States notified the World Trade Organization that it has fully complied with the WTO's findings in the Boeing subsidies dispute, the Office of the U.S. Trade Representative said May 6. The European Union and U.S. have been battling for 15 years over whose subsidies to their aircraft manufacturers distort trade. The WTO has said that both sides were in the wrong, and the U.S. currently has Section 301 tariffs on about $7.5 billion worth of European aircraft, food, apparel, linens, tools, wine and spirits in a WTO-sanctioned retaliation for past Airbus subsidies.
International Trade Today is providing readers with some of the top stories for April 27 - May 1 in case they were missed.
The Office of the U.S Trade Representative issued some new product exclusions from Section 301 tariffs on the third list of products from China, according to a pre-publication copy of a notice posted to the agency’s website May 4 (see 2005050002). The product exclusions apply retroactively to Sept. 24, 2018, the date the tariffs on the third list took effect, and will remain in effect until Aug. 7, 2020. New subheading 9903.88.46 will be used for these products.
The Office of the U.S. Trade Representative issued another group of product exclusions from the third group of Section 301 tariffs on goods from China. The new exclusions from the tariffs include "two 10-digit HTSUS subheadings, which cover 15 separate exclusion requests, and 144 specially prepared product descriptions, which cover 170 separate exclusion requests," according to the notice. The product exclusions apply retroactively to Sept. 24, 2018, the date the third set of tariffs took effect. The exclusions will remain in effect until Aug. 7, 2020.
The Office of the U.S. Trade Representative wants comment by June 8 whether to extend by up to another year 11 sets of tariff exclusions granted on List 3 Section 301 Chinese import. The exclusions being considered for extensions are all the List 3 exemptions granted through March 26 that are set to expire Aug. 7, it said. “USTR is not considering product exclusion notices issued after March 26,” That includes one granted April 22 to iRobot (see 2004230045). Each extension request will be evaluated independently, said the notice.
During a Fox News town hall held at the Lincoln Memorial May 3, President Donald Trump was asked if he would hike tariffs on Chinese goods as a punishment for its role in the coronavirus COVID-19 outbreak. “Well, it's the ultimate punishment, I will tell you that,” Trump said. He said he didn't want to say “because, you know, we're all playing a very complicated game of chess or poker. Name whatever you want to name, but it's not checkers -- that, I can tell you. We have a very complicated game going.”
The Office of the U.S. Trade Representative wants comment by June 8 whether to extend by up to another year 11 sets of tariff exclusions granted on List 3 Section 301 Chinese import. The exclusions being considered for extensions are all the List 3 exemptions granted through March 26 that are set to expire Aug. 7, it said. “USTR is not considering product exclusion notices issued after March 26,” That includes one granted April 22 to iRobot (see 2004230045). Each extension request will be evaluated independently, said the notice.
CBP issued the following releases on commercial trade and related matters: