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In the News: Hong Kong, China Trade, India Tariffs, Asia Customs Deal

Monday, June 17, 2019
Sandler, Travis & Rosenberg Trade Report

Pelosi vows to review Hong Kong trade ties over extradition bill

“The statements are the strongest indication yet that Congress may act on a recommendation issued last year by the U.S.-China Economic and Security Review Commission to reconsider Hong Kong’s special trading status for some sensitive U.S. technology imports. The move would be a severe blow to Hong Kong’s reputation as a investment destination.”

[Bloomberg]

In trade talks, senators want more scrutiny of Chinese firms

“Senators Chris Van Hollen of Maryland and John Kennedy of Louisiana are urging Trade Representative Robert Lighthizer to demand that China allow U.S. regulators to scrutinize the audits of Chinese companies that trade in America. Critics have argued that watchdogs’ inability to examine such audits puts American investors at risk of buying the shares of companies that might be manipulating their financial statements.”

[Bloomberg]

India to impose retaliatory tariff on 29 U.S. items from June 16

Affected products include “certain kinds of nuts, iron and steel products, apples, pears, flat rolled products of stainless steel, other alloy steel, tube and pipe fittings, and screws, bolts, and rivets.”

[Times of India]

Korea, ASEAN countries discuss customs deals to facilitate trade

“The sides discussed Authorized Economic Operator (AEO) and Mutual Recognition Arrangement (MRA) deals, according to the customs agency. The arrangements call for each of the respective sides to speedily clear products from the other country and give priority in customs processing, as well as to set up dedicated contact points to deal with complications in clearance. Currently, South Korea has a Mutual Recognition Arrangement with 20 countries, including the United States, China and Japan.”

[Yonhap]

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