Reports of unexpectedly high demand for the iPhone 11 were borne out Saturday in New York when we canvassed stores in search of the iPhone 11 Pro.

August TV unit imports from China increased 22.3 percent sequentially from July, and 37.5 percent year over year, said newly published Census Bureau statistics accessed Sunday through the International Trade Commission’s DataWeb tool. Observers will debate whether the August spikes were evidence of importers speeding product through U.S. ports to beat the 15 percent Section 301 tariffs on finished TV sets from China that took effect Sept. 1.

Costco is experiencing “a lot of moving parts” with the Section 301 tariffs on Chinese goods, including a few price increases “along the way,” said Chief Financial Officer Richard Galanti on a fiscal Q4 call Thursday evening. Costco has tariff exposure to many of the products on “the first three lists,” and “we'll just have to wait and see” the impact if those tariffs rise to 30 percent as scheduled Oct. 15, he said.

When the Trump administration first threatened Section 301 tariffs on Chinese goods in a notice 18 months ago, few expected 15 percent to 30 percent duties would be in place now on more than half of Chinese imports, with virtually all the rest facing tariffs by Dec. 15, Chad Bown, trade economist at the Peterson Institute for International Economics, told a Washington International Trade Association conference Wednesday. But the markets "haven't panicked," said Bown, a former White House senior economist during the Obama administration. The tariffs in place the longest are on inputs and capital goods, not consumer products, he said. That's one reason for the unexpectedly subdued economic impact, he said. In the context of the overall size of the U.S. economy, "we don't actually trade all that much" in those goods, he said. Bown and Cinnamon Rogers, CompTIA executive vice president-public advocacy, expressed anxiety about media reports that President Donald Trump might restrict U.S. investments in China as further escalation of the trade war. "I don't think it's imminent," said Bown, but it's worrisome. Any new restrictions the U.S. puts on American investment in China would harm international trade and “global economic growth,” said China's Foreign Affairs Ministry Monday (see 1909300032). The White House didn't comment.

Correction: After assembly in Sweden, Volvo cars that CBP found to be subject to Section 301 tariffs were imported into the U.S. under subheadings 8703.60.00 and 8703.80.00 (see 1910030014).

When the Trump administration first threatened Section 301 tariffs on Chinese goods in a notice 18 months ago, few expected 15 percent to 30 percent duties would be in place now on more than half of Chinese imports, with virtually all the rest facing tariffs by Dec. 15, Chad Bown, trade economist at the Peterson Institute for International Economics, told a Washington International Trade Association conference Wednesday. But the markets "haven't panicked," said Bown, a former White House senior economist during the Obama administration. The tariffs in place the longest are on inputs and capital goods, not consumer products, he said. That's one reason for the unexpectedly subdued economic impact, he said. In the context of the overall size of the U.S. economy, "we don't actually trade all that much" in those goods, he said. Bown and Cinnamon Rogers, CompTIA executive vice president-public advocacy, expressed anxiety about media reports that President Donald Trump might restrict U.S. investments in China as further escalation of the trade war. "I don't think it's imminent," said Bown, but it's worrisome. Any new restrictions the U.S. puts on American investment in China would harm international trade and “global economic growth,” said China's Foreign Affairs Ministry Monday (see 1909300032). The White House didn't comment.

CBP posted a list of frequently asked questions about the entry type 86 test within a new agency page dedicated to the test. The new entry type is meant to allow importers of goods valued under the $800 de minimis level to file a less complex informal entry, including for goods subject to partner government agency (PGA) requirements (see 1908120019). Among other answers to questions, CBP explains that entries subject to the Sections 301, 201 and 232 trade remedies are eligible for type 86, though "merchandise subject to a quota does not qualify for the de minimis exemption, nor is it eligible for informal entry procedures." Also, while type 86 entries can be corrected or canceled, a Post Summary Correction can't be filed.

Costco is experiencing “a lot of moving parts” with the Section 301 tariffs on Chinese goods, including a few price increases “along the way,” said Chief Financial Officer Richard Galanti on a fiscal Q4 call on Oct. 3. Costco has tariff exposure to many of the products on “the first three lists,” and “we'll just have to wait and see” the impact if those tariffs rise to 30 percent as scheduled Oct. 15, he said.

The National Retail Federation tempered its strong outlook for the Nov. 1-Dec. 31 holiday season Thursday with concerns over trade, interest rates, global risk factors and political rhetoric that could erode consumer confidence. It forecast 3.8-4.2 percent growth from 2018 and combined in-store and online retail sales of $727 billion-$730 billion./p>

On a Thursday webcast, NRF Chief Economist Jack Kleinhenz acknowledged “uncharted territory,” and "many moving parts,” citing the long, positive run of the U.S. economy amid geopolitical uncertainty. “We have never been in a 120-month expansion,” Kleinhenz said, and there are “very few precedents for the uncertain macroeconomic environment.”

CBP has assessed about $41 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 $31 billion in duties from the Section 301 tariffs on goods from China, up around $4 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 $8.1 billion under the Section 232 tariffs on steel and $1.7 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.