The United Kingdom’s post-Brexit tariff plan may not be a viable long term option and may significantly damage certain U.K. farmers, companies and exporters, said Robert Chapman, a London-based trade lawyer with Mayer Brown.
The National Pork Producers Council applauded the U.S. and Japan trade agreement, saying it would place U.S. pork exporters “back on a level playing field” with competitors in one of the U.S.’s “most important export markets.” “We look forward to rapid implementation of the agreement as international competitors are currently taking U.S. pork market share through more favorable access,” NPPC President David Herring said in an Aug. 25 statement. The council, citing a study, said U.S. exports to Japan will grow from $1.6 billion in 2018 to more than $2.2 billion “over the next 15 years” as a result of the trade deal. President Donald Trump and Japanese Prime Minister Shinzo Abe announced the agreement at the G-7 summit in France (see 1908260033).
A China Foreign Affairs Ministry spokesperson denied knowledge for a second straight day of China's top trade negotiators phoning their U.S. counterparts over the weekend urging the resumption of talks toward a comprehensive trade deal, as President Donald Trump claimed they had on the sidelines of the G-7 summit.
U.S. and foreign companies have “struggled” to interpret the scope of the U.S.’s most recent executive order and subsequent general licenses for Venezuela, leading some to submit requests for more guidance, according to an Aug. 22 post on the Winston & Strawn website.
Export Compliance Daily is providing readers with some of the top stories for Aug. 19-23 in case they were missed.
Japan said it will allow “legitimate” exports to South Korea as it prepares today to remove the country from its list of trusted trading partners. During an Aug. 27 press conference, Hiroshige Seko, Japan’s minister of trade, economy and industry, repeated assertions that the move is not a “countermeasure” to any South Korean actions and is not an export embargo.
Both the United Kingdom and the United States touted the potential of a free trade agreement after the U.K. leaves the European Union. President Donald Trump and U.K. Prime Minister Boris Johnson spoke to the press in France after breakfast during the G-7 conference. "We're going to do a very big trade deal -- bigger than we've ever had with the U.K.," Trump said. He said he didn't anticipate any problems in negotiating it and predicted it would happen "pretty quickly."
The U.S. and Japan agreed to a trade deal that will see Japan buy more U.S. agricultural goods, including beef, pork, dairy and corn, the countries announced during the G-7 summit in France.
The United Kingdom and South Korea signed a trade continuity agreement Aug. 22 to ensure the countries trade under current terms after a potential no-deal Brexit on Oct. 31, the U.K. Department for International Trade said in a press release. Under the agreement, trade would “continue with minimal changes to tariffs and quotas when the UK leaves the EU,” according to a U.K. fact sheet on exporting to South Korea. The U.K. is already covered by a trade deal between the European Union and South Korea, but that could change when and if the U.K. leaves the EU with no transition deal in place.
China is renewing a customs agreement that allows Hong Kong traders to transship cargo from Hong Kong to mainland China under reduced tariffs, according to an Aug. 21 report from the Hong Kong Trade Development Council. The agreement allows for reduced tariffs for cargo from China’s list of “Least Developed Countries,” which includes mainly African nations, including Angola, Ethiopia, Uganda and more, the report said. The agreement allows Hong Kong traders to apply for “Certificates of Non-manipulation,” which make cargo eligible for “preferential tariffs,” the HKTDC said. The agreement was originally set to end on Aug. 1.