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Commerce Secretary Penny Pritzker and U.S. Trade Representative Mike Froman both said the JCCT was productive, though Agriculture Secretary Tom Vilsack noted that the agricultural outcomes “did not go as far as the United States had hoped.” All three officials added that there are still a number of challenges in bilateral economic relations, including disagreements on the appropriate role of the state in the economy, China’s pursuit of policies that require data localization, and trade secret theft in the Chinese market.
In a video message released Nov. 21, president-elect Donald Trump pledged to issue a notification of intent to withdraw the U.S. from the Trans-Pacific Partnership, which he described as a “potential disaster for our country.”
Chile and Swaziland recently became the 97th and 98th members of the World Trade Organization to ratify the WTO’s Trade Facilitation Agreement, the latest step toward the 109 (two-thirds of WTO membership) that must formally accept the TFA before it enters into force.
President Obama discussed a range of economic and trade matters at the 24th annual meeting of Asia-Pacific Economic Cooperation forum leaders held Nov. 20 in Peru. According to a White House press release, the president sought to reassure leaders from TPP signatory countries about the United States’ strong support for trade and its commitment to strengthening ties with the Asia-Pacific region.
After a recent ruling by the Court of International Trade, U.S. Customs and Border Protection appears to be preparing to allow post-liquidation preference claims under a wider range of free trade agreements and preference programs. In addition, some such claims previously rejected by CBP could be revived.
This amount includes $130.5 million in disgorgement and interest to be paid to the Securities and Exchange Commission, a $72 million criminal penalty to be paid to the Department of Justice, and a $61.9 million civil penalty to be paid to the Federal Reserve System’s Board of Governors.
The U.S.-China Economic and Security Review Commission’s annual report to Congress, which typically paints a fairly negative picture of China’s economic, foreign policy, and military actions in relation to the U.S., adopts a noticeably more ominous tone this year. The report comes just after the election as U.S. president of Donald Trump, who has vowed to take a harder line against China on economic and security issues.
The Office of the U.S. Trade Representative has made available import statistics for the first nine months of 2016 that identify goods that could become ineligible for benefits under the Generalized System of Preferences.
With president-elect Donald Trump having repeatedly criticized TPP on the campaign trail, and with Republicans retaining control of both the House and Senate following last week’s elections, there appears to be no motivation for moving the 12-nation free trade agreement forward in the U.S.
The Food and Drug Administration has made available a final guidance for industry on the fee-based Voluntary Qualified Importer Program, which will provide for expedited review and importation of human and animal food by participating importers with a proven track record of food safety and security.
Many petitions seeking import tariff suspensions or reductions under the miscellaneous trade bill process have deficient article descriptions and are in danger of being rejected, according to the International Trade Commission. If these deficiencies are not addressed through the submission of revised petitions before the Dec. 12 deadline, the requested duty relief will not be granted.
In a Nov. 4 address to the World Shipping Summit in China, Federal Maritime Commission Chairman Mario Cordero said global shippers are “uneasy at best” about the growing number of alliances between ocean carriers. However, he said that both shippers and carriers have responsibilities in stabilizing the current ocean shipping environment.
Food importers should act now to design, test, and implement foreign supplier verification plans or risk supply chain disruptions, delays in entry processing, and possibly the exclusion of their products from the U.S. marketplace.