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In the News: Steel Tariffs, EU-Japan FTA, Auto Parts Duties

Friday, February 01, 2019
Sandler, Travis & Rosenberg Trade Report

Grassley calls for end to steel tariffs before talks on new trade deal

“‘Unfortunately, our producers are unlikely to realize the market access promises of USMCA while the Section 232 tariffs on steel and aluminum imports from Canada and Mexico remain. Because of these tariffs, Mexico and Canada have imposed retaliatory tariffs on American exports,’ Grassley said in a joint statement with Iowa Secretary of Agriculture Mike Naig on Wednesday.”

[The Hill]

EU-Japan trade agreement enters into force

“The Economic Partnership Agreement removes the vast majority of the €1 billion of duties paid annually by EU companies exporting to Japan. Once the agreement is fully implemented, Japan will have scrapped customs duties on 97% of goods imported from the EU. The agreement also removes a number of long-standing non-tariff barriers, for example by endorsing international standards on cars. It will also break down barriers for key EU food and drink exporters to 127 million Japanese consumers and will increase export opportunities in a range of other sectors. Annual trade between the EU and Japan could increase by nearly €36 billion once the agreement is implemented in full.”

[European Commission]

India reduces import duties on electric vehicle parts

“Just two days before the union budget, the customs duty on electric vehicle components which are imported in a knocked-down or semi knocked down state, have been reduced to 10%-15%, according to the notification issued by the Central Board of Indirect Taxes and Customs which came into effect from today (January 30, 2019). Prior to this, around 15% to 30% was charged as import duties on electric vehicle components. This reduction of the taxes is aimed at encouraging global automobile companies to assemble electric vehicles in India.”

[Inc42]

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