A bipartisan pair of senators fleshed out a trade facilitation framework released in early June (see 2406100015) with legislative text that authorizes spending for several trade-related initiatives, including ones that would create a true single window, modernize ACE and try to reduce penalties for minor export filing errors.
Drawback
A duty drawback is a refund by CBP of the duties, taxes, or fees paid on imported goods, which were imposed upon importation as prescribed in 19 U.S.C. 1313(d). More broadly, a drawback also includes the refund or remission of other excise taxes pursuant to other provisions of law.
CBP is making progress on rules to eventually mandate electronic export manifest (EEM) for air, vessel and rail cargo and is still on track to deploy a truck EEM portal later this year, the agency said ahead of the Commercial Customs Operations Advisory Committee’s June 26 meeting. COAC also issued one recommendation related to accelerated payments for certain drawback entries.
The U.S. should form a new export control strategy to better pinpoint the restrictions that will impose the highest costs on China, with a particular focus on technologies where the U.S. and its allies dominate the global market, researchers said. They also said the U.S. should create a new agency or government position to coordinate export controls, sanctions and other economic statecraft tools against China and other adversaries.
PHILADELPHIA -- The glacial pace of developing electronically submitted export manifests is finally picking up, participants on a CBP export modernization panel said, with Tom Pagano, outbound enforcement policy branch chief, saying "we're really close."
The Commercial Customs Operations Advisory Committee’s Export Modernization Working Group published a draft recommendation and a summary of its recent work ahead of the COAC’s March 6 meeting (see 2402150016).
Compliance with a new country of origin (COO) reporting requirement in the Automated Export System would be difficult for smaller and occasional exporters, many of which would likely have to develop new processes to report that information, the National Customs Brokers & Forwarders Association of America told the Census Bureau. The NCBFAA urged Census to research whether it can collect that COO information from other sources before it decides to move forward with the proposal.
African Growth and Opportunity Act benefits for Kenya need to continue as any trade partnership is formed, commenters said, especially the third-country fabric rule of origin.
With the price cap on Russian oil products set to take effect in December, trade and commodity experts expressed concern during a Sept. 9 panel at Brookings Institution. In his announcement of the measures, Deputy Treasury Secretary Wally Adeyemo said the aim of the price cap is to limit profits from Russian oil sales and cut into revenue generated for Russia but in a way that won't cut into the overall availability of oil products. The cap will work by targeting services supporting ocean shipping, such as insurance and brokers.
USDA is seeing “rising” opportunities for U.S. exporters of breeding pigs to Hong Kong, the agency's Foreign Agricultural Service said in a Feb. 14 report. Due to many recent global cases of African swine fever, Hong Kong farms are increasingly searching for “good breeding pigs” to better compete with mainland China, USDA said. The agency said the farms have “confidence and high regard in U.S. breeding stock’s animal health, growth rate, and meat quality” but see transportation costs as a drawback. USDA also said Hong Kong farmers “tend to be very traditional” and generally prefer not to change suppliers once “they start a business relationship and the supplies are found to be satisfactory.”
A global look at foreign trade agreements discussed how many major economies are moving toward more liberalization while the U.S. stands still on previously launched FTA negotiations. Baker McKenzie lawyers shared their insights on the opportunities and compliance concerns under FTAs in a webinar Jan. 25. Adriana Ibarra-Fernandez, a Mexico City, Mexico attorney, talked about Latin American FTAs, and noted that even though negotiations concluded after 20 years between Mercosur, which represents Brazil, Argentina, Paraguay and Uruguay, and the European Union, the trade deal has not been approved in the various capitals, three years after the negotiations ended.