The Wall Street Journal (WSJ) reports that the European Union (EU) is poised to impose trade sanctions on billions of dollars of U.S. goods starting in March 2004, as congressional leaders signaled their inability to reach agreement on repeal of the U.S. Foreign Sales Corp./Extraterritorial Income Exclusion Act (FSC/ETI) tax regime. The World Trade Organization (WTO) has ruled this tax deduction illegal and given the EU permission to impose as much as $4 billion in sanctions a year. According to an EU official, if the law isn't repealed, the EU is certain to retaliate starting March 1, 2004. (WSJ Pub, 01/26/04, www.wallstreetjournal.com)
The Department of Homeland Security (DHS) has issued a notice announcing that the next meeting of the Departmental Advisory Committee on Commercial Operations of the Bureau of Customs and Border Protection (COAC) will be held on February 6, 2004 in Washington, DC. (This committee was previously called the "Treasury Advisory Committee on Commercial Operations of the U.S. Customs Service.")
The Editor's page in the weekly Journal of Commerce opines that although the voluntary C-TPAT program has achieved much by responding swiftly to the change in national priorities that followed September 11, it may be time to move on, and work toward formalizing regulations for C-TPAT. The editorial adds that regulations may be needed as it makes little sense to require the use of smart containers through a voluntary C-TPAT program, as there is no guarantee firms will adopt them. (JoC, January 19-25, 2004, www.joc.com )
U.S. Customs and Border Protection (CBP) has made available on its Web site an updated document on the U.S./Canada Free and Secure Trade (FAST) program.
U.S. Customs and Border Protection (CBP) has issued a notice stating that on January 9, 2004, Secretary of Homeland Security Tom Ridge announced the opening of the first designated Free and Secure Trade (FAST) lane on the Northern Border. CBP notes that this announcement was made during opening ceremonies held at the Blue Water Bridge in Port Huron, MI, one of the most heavily used commercial crossings between Canada and the U.S.
U.S. Customs and Border Protection (CBP) has published a final rule which amends the Customs Regulations effective January 5, 2004 regarding the advance electronic presentation of information pertaining to cargo (sea, air, rail, or truck) prior to its being brought into, or sent from, the U.S. (See final rule for compliance dates for each transportation mode.)