Importers Urge Congress to Renew GSP
The House Ways and Means Trade Subcommittee held a hearing today on reforming the Generalized System of Preferences (GSP) to safeguard U.S. supply chains and combat China. The witness testimonies favored renewing the GSP to support economic development, improve environmental and labor standards, and create secure supply chains. Ed Gresser emphasized this in his testimony, saying that GSP can provide sourcing alternatives to China, which he illustrated in the travel goods market. Read more from his testimony.
COAC's Trade Priorities Highlight Meeting
The Commercial Customs Operations Advisory Committee (COAC) held a public meeting today, providing U.S. Customs and Border Protection with reports from COAC’s subcommittees. They included The Intelligent Enforcement Subcommittee (September 2023 Report), The Rapid Response Subcommittee (September 2023 Report), The Next Generation Facilitation Subcommittee (September 2023 Report), and The Secure Trade Lanes Subcommittee (September 2023 Report), which added a new working group, the De Minimis Working Group. For more information on the meeting, please click here.
EU Investigates Chinese EV Imports for Potential Tariffs
The European Commission (EC) initiated an investigation last week into Chinese electric vehicle (EV) imports to determine whether to impose punitive tariffs. The EC states concerns that Chinese electric vehicles benefit from state subsidies, allowing them to “flood” the global market and undercut EU EV producers. The investigation is expected to last up to 13 months and includes non-Chinese brands such as Tesla, Renault, and BMW. Read more from Reuters.
Fast-Approaching Deadline for EU-US Tariff Agreement
The deadline to extend the temporary two-year EU-U.S. agreement on suspending Section 232 tariffs from the EU is fast-approaching. It expires on October 31, 2023. Officials in the EU and U.S. are negotiating options to ensure continuity beyond the deadline. For background, please click here.
California Governor to Sign Corporate Climate Accountability Bills
California Gov. Gavin Newsom said this week he plans to sign two state bills changing environmental risk reporting requirements for corporations doing business there. CA SB253 (23R) would require companies earning at least $1 billion a year to disclose their scopes 1, 2 and 3 emissions. CA SB261 (23R) would require large corporations to disclose their climate-related financial risks. The measures would affect more than 5,000 U.S. companies. The legislation would mean corporations would have to report their complete carbon footprint. See the legislative language here and here.