Background

Lighthizer pledges quicker response times for tariff exclusions

“Lighthizer said the staff analysts will be detailed ‘in the coming week’ from the treasury, commerce, and agriculture departments along with hiring more contract workers. He did not provide details on how much processing time would be shortened with the new workers but said future responses would be ‘timely.’”

[Bloomberg]

Korea, Japan decide to delist each other as trusted trading partners

“Japan first removed South Korea from its whitelist of reliable countries earlier in the day in its second retaliatory step over a row surrounding wartime forced labor, following a July 4 measure to restrict exports of key materials used in semiconductor and display production. … Moon's finance minister, Hong Nam-ki, announced later that South Korea will drop Japan from its own whitelist, denouncing Japan's decision as an ‘act that fundamentally damages the cooperative and trust relations the two countries have worked hard to build.’”

[Yonhap News Agency]

Up to 10 free ports to open across UK after Brexit under new plans

“Free ports are areas of the UK that are outside the country’s customs territory, meaning goods can be manufactured, imported and exported inside the zones without incurring tariffs.”

[The Independent]

China to unveil special tax policy in Shanghai Free Trade Zone

“China will also grant crude oil import licences to qualified companies, the State Council said in a statement on its website, adding that it will provide preferential tax policies for firms operating in artificial intelligence, civil aviation, semiconductor and biopharmaceutical sectors.”

[Reuters]

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