There is never a dull moment in the ongoing trade war. With effect of 12 March 2025, the US reinstated the June 2018 Section 232 tariffs on steel and aluminum products at a rate of 25% and extended these tariffs to a larger scope of steel and aluminum products (see our prior blog post on the US Section 232 tariffs here). On 12 March 2025, the EU announced countermeasures which shall protect European businesses and…
As reported in our earlier blog here, on Monday 10 February 2025, President Trump announced that 25% tariffs will be imposed on all steel and aluminum products imported into the United States (āUSā), including from the EU and the UK which were previously subject to exclusions. These tariffs are due to come into effect on 12 March 2025. The key question now is how other jurisdictions such as the EU and the UK will retaliate. …
On 30 October 2024, as part of the Autumn Budget, the Government provided an update on its plans for the introduction of a UK carbon border adjustment mechanism (CBAM). In doing so the Government confirmed that the UK CBAM will apply from 1 January 2027 and that the primary legislation required to give effect to the UK CBAM will be included in the Finance Bill 2024-25.Ā At the same time, the Government also published its…
On 28 August 2024, UK and German leaders Sir Keir Starmer and German Chancellor Olaf Scholz agreed to work on an ambitious treaty covering issues from defence to trade, which would be part of a fresh start for the UK’s relations with the European Union (EU). As part of the same drive to improve relations with the EU, Starmer also met with French president Emmanuel Macron in Paris on 29 August. After UK Prime Minister,…
For the third week, we continued our Annual Compliance Conference with key customs developments impacting on businesses today. Specifically, we discussed the reform of the Union Customs Code in the EU, key trending customs developments in EMEA, and different methods of driving significant financial savings in global supply chains. EU customs reform: biggest overhaul since 1968 Tuesday 14 May SPEAKERS: Nicole Looks (Partner, Amsterdam), Thomas Kukanza (Senior Trade Advisor, Brussels), Sylvain Guelton (Senior Associate, Brussels),…
On 21 March 2024, the French Senate (French Parliamentās higher chamber) rejected the bill of the French government proposing to approve the EU-Canada Comprehensive Trade Agreement (CETA). For several years, the European Commission and the Canadian government negotiated a comprehensive free trade agreement, including new types of provisions on investment. It was the first ever ambitious free-trade agreement that the EU concluded with a G7 country (Japan and the UK were concluded later). The CETA…
Last week, HM Revenue & Customs (HMRC) and HM Treasury launched a public consultation on the introduction of a UK carbon border adjustment mechanism (CBAM), following its announcement in December 2023. The CBAM proposal forms part of the UK governmentās wider strategy to tackle carbon leakage. To achieve this it will impose a carbon price on imported goods with the aim of levelling the playing field and ensuring that imported goods are subject to a…
The transitional phase of the EU Carbon Border Adjustment Mechanism (“CBAM”) is now underway with the deadline for submitting the first CBAM quarterly reports having already passed on 31 January 2024 (although with an extension until the end of February).* The CBAM requires importers to report the embedded greenhouse gas emissions in carbon-intensive goods (initially aluminium, cement, iron and steel, electricity, fertilisers and hydrogen) and, from the commencement of the operational phase in 2026, purchase “CBAM…
The first filings under the Carbon Border Adjustment Mechanism (CBAM) must be submitted by importers by 31 January 2024. CBAM is the EU’s landmark tool that seeks to put a fair price on the carbon emitted during the production of carbon intensive goods that enter the EU. It requires importers to report ’embedded emissions’ of certain products and of electricity imported into the EU in order to ensure equivalent carbon pricing for imported and EU…
On 15 November 2023, the European Public Prosecutorās Office (āEPPOā) uncovered a EUR 200M customs and VAT fraud scheme. This is yet another case of the EPPO, launched in 1 June 2021, as the first new supra-national prosecution authority in the EU. The EPPO has the power to investigate, prosecute and bring to judgment crimes against the EU budget, such as fraud, corruption or serious cross border fraud. This can also include cases on circumvention of anti-dumping…