Reuters has reported that U.S. lawmakers are unlikely to repeal export tax subsidies that violate global trade rules in time to avoid punitive European Union (EU) trade sanctions on billions of dollars of U.S. goods. According to Reuters, the EU plans to impose a 5% duty on more than $4 billion worth of U.S. exports beginning March 1, 2004 if President Bush has not signed legislation repealing the Foreign Sales Corporation-Extraterritorial Income (FSC-ETI) tax regime. (Reuters Pub 02/13/04, available at http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=4355783)

According to The Wall Street Journal, pressures are building within China's economy to re-examine the Chinese currency's tether on the U.S. dollar, with a loosening looking more like a matter of when, rather than if. The U.S., the European Union and other trading partners have urged China to let the yuan float, contending that the currency is undervalued and fueling a predatory export boom. (WSJ 02/13/04, www.wsj.com )

In the February 11, 2004 issue of the U.S. Customs and Border Protection Bulletin (CBP Bulletin) (Vol. 38, No. 7), CBP issued notices: (a) proposing to revoke two classification rulings on certain aluminum compounds and salt, (b) modifying or revoking three classification rulings on certain electronic hang tags, and (c) modifying or revoking classification rulings on men's swimwear. CBP states that it is also revoking, or proposing to revoke, any treatment it has previously accorded to substantially identical transactions that are contrary to its position in these notices.

U.S. Customs and Border Protection (CBP) has issued messages on a number of antidumping (AD) and countervailing (CV) duty actions, many of which (marked by an * in the action column) were previously published in the Federal Register by the International Trade Administration (ITA) and summarized in International Trade Today.

(a) BGH has a preliminary de minimis rate of 0.43%.

The International Trade Administration (ITA) has issued two notices stating that on January 16, 2004 the ITA and the Government of Ukraine (GOU) signed a final amendment to the 1997 Agreement which suspended the antidumping (AD) investigation of cut-to-length carbon steel plate from the Ukraine (1997 Agreement).

Broker Power has previously reported that, effective from February 2, 2004 through April 30, 2004, U.S. Customs and Border Protection (CBP) is detaining or sending to a laboratory for testing, importations of socks from at most 22 targeted countries, in order to verify their country of origin.

The Federal Maritime Commission (FMC) has posted to its Web site a notice detailing its next upcoming informational seminar entitled, Navigating the Regulations, which will be held in Hato Rey, Puerto Rico on March 9, 2004. The FMC states that this seminar provides an overview of the responsibilities of vessel operators, ocean transportation intermediaries (OTIs) and maritime shipping services users in U.S. foreign trades.

The ITA states that it will issue appropriate assessment instructions directly to CBP within 15 days of February 12, 2004.

The Departmental Advisory Committee on Commercial Operations of the Bureau of Customs and Border Protection (COAC) held a quarterly meeting on February 6, 2004 in Washington, DC to discuss, and receive updates from U.S. Customs and Border Protection (CBP) officials on, various customs and trade issues.