In July the United States Trade Representative (USTR) implemented an immediate 10 percent tariff on $34 billion worth of Chinese imported goods; and another $16 billion the following week. The tariffs focused on 818 Chinese products that contained “industrially significant technologies”; a few weeks later, another list containing 6,031 more products was released that taxed an additional $200 billion worth of imported goods. By the end of this year, total taxed imports goods could be expected to total $500 billion. What’s more, in January 2019, the 10 percent tariff will increase to 25 percent.
During the last Fastener Trade Show, Vanessa Sciarra, Vice President for Legal Affairs and Trade & Investment Policy at the National Foreign Trade Council (NFTC), discussed how new tariffs have generated numerous questions amongst importers, distributors, and manufacturers. In order to help the Fastener industry professionals understand and navigate the new regulations, Vanessa held an informative session in to help fastener industry professionals understand the tariffs being implemented under Sections 232 and 301. In this video of that presentation, you will learn:
What Section 301 tariffs on Chinese imports are;
What Section 232 tariffs on steel and aluminum imports are;
How to create strategies for minimizing supply chain disruptions and managing the impact of new trade restrictions;
How quotas work and how they relate to exemptions;
What exclusions are and what is the process to obtain them;
and what exemptions are and what countries are excluded from 232 tariffs.
If you’re a fastener professional, this video is a must watch if you want to learn if you can file for exclusions, want to learn about the implications of these exclusions on consumer pricing and/or want to gain insights on your sourcing processes.