Wedbush Securities scaled back FY 2020 revenue projections for Logitech to $2.95 billion from $2.97 billion, citing Q2 results, more impact from tariffs and lower revenue growth in gaming in the holiday quarter. After Logitech’s Tuesday Q2 report (see 1910220028), analyst Michael Pachter said in an investor note it’s unclear if the holiday quarter will fare as well as Q2 where Logitech had a 4 percent revenue bump to $720 million, but “it is prudent to err on the side of caution.” While maintaining an “outperform” rating, Pachter noted Logitech expects to pull forward inventory ahead of List 4B Section 301 tariffs that may be implemented Dec. 15, to relocate more manufacturing or to raise prices “where appropriate.” Logitech reaffirmed FY ’20 revenue guidance of mid-to-high single-digit sales growth Tuesday but didn't break out guidance for the holiday quarter.

CBP has assessed about $43 billion in duties under the major trade remedies started during the Trump administration as of Oct. 2, according to CBP's trade statistics page. That includes $34 billion in duties from the Section 301 tariffs on goods from China, up around $3 billion from about a month ago. The assessed tariffs under Section 301 now include the 15 percent tariffs that took effect on Sept. 1 (see 1908270066). CBP also has assessed about $6.3 billion under the Section 232 tariffs on steel and $1.8 billion under tariffs on aluminum. The Section 201 trade remedies on washing machines, washing machine parts and solar cells (see 1801230052), imposed Jan. 23, 2018, account for $1.1 billion in assessed tariffs.

CBP affirmed its position on the use of substantial transformation as the standard for determining country of origin for goods subject to Section 301 tariffs and NAFTA rules, it said in ruling HQ H305370. CBP said another recent ruling mistakenly said that computer server cabinets assembled in Mexico were not subject to the Section 301 tariffs when in fact they are.

IRobot Q3 U.S. sales declined 7 percent because growth “remained subdued as the direct and indirect impacts” of the 25 percent List 3 Section 301 tariffs “weighed heavily on consumers, retailers and suppliers,” said CEO Colin Angle on a Wednesday call. Tariffs forced iRobot to hike prices July 22 that resulted in “suboptimal sell-through” in August and September, he said. Sales recovered after the vendor "rolled back" pricing to “pre-tariff levels” in October, he said.

The Office of the U.S. Trade Representative issued a new set of product exclusions from the 25 percent Section 301 tariffs on goods from China. The exclusions include products from the third list of Section 301 goods. The new exclusions include " 83 specially prepared product descriptions, which cover 95 separate exclusion requests", according to the notice.

IRobot’s U.S. sales declined 7 percent in Q3 because growth “remained subdued as the direct and indirect impacts” of the 25 percent List 3 Section 301 tariffs “weighed heavily on consumers, retailers and suppliers,” CEO Colin Angle said on an Oct. 23 call. IRobot price hikes in late July resulted in “suboptimal sellthrough” in August and September, prompting the vendor to roll back pricing to “pre-tariff levels” earlier in October, he said.

Logitech confirmed revenue guidance of mid- to high single-digit sales growth for FY 2020 despite a price hike to offset tariffs (see 1907230026) and currency exchange rate challenges, on its Tuesday Q2 call. Sales grew 4 percent to $720 million in the quarter ended Sept. 30.

China is going to ask the World Trade Organization to authorize retaliatory tariffs on $2.4 billion worth of goods at the WTO's dispute settlement body meeting Oct. 28. If the U.S. disagrees with either the argument that it's not complying with the ruling on countervailing duties, or the amount of retaliation permitted, an arbitrator will decide how much China may retaliate.

CBP added the ability in ACE for importers to file entries with recently excluded goods in the first tranche of Section 301 tariffs on Oct. 8, it said in a CSMS messages. For the first tranche exclusions, filers of imported products that were granted an exclusion (see 1909300041) should report the regular Chapters 84, 85, 88 and 90 Harmonized Tariff Schedule number, as well as subheading 9903.88.19. “Importers shall not submit the corresponding Chapter 99 HTS number for the Section 301 duties when" subheading 9903.88.19 is submitted, CBP said.

The Office of the U.S. Trade Representative will begin accepting exclusion requests Oct. 31 at noon EDT for the 15 percent Section 301 List 4A tariffs that took effect Sept. 1, said the agency Friday. USTR will accept the requests through Jan. 31 at its exclusions portal, it said. The public will have 14 days to comment on an exclusion request after it's posted online. In deciding whether to grant an exclusion, USTR will look at whether a product is available from a source outside of China, and "whether the additional duties would cause severe economic harm to the requestor or other U.S. interests," it said. List 4A includes tariff subheadings on TVs, smart speakers and other consumer tech goods where China’s share of U.S. imports from the world is less than 75 percent for each subheading, said USTR in August (see 1908150005). List 4B, tariffs on which are scheduled to take effect Dec. 15, has products where China’s share of U.S. imports from the world is 75 percent or more for each subheading.