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US: CBP Effectuates Executive Order Increasing Tariffs by 25% for a total 50% on Indian Imports over Purchases of Russian Oil

By , , , , and 2 Mins Read

On August 25, U.S. Customs and Border Protection (“CBP”) issued a draft Federal Register notice to effectuate the President’s Executive Order (“EO”) on “Addressing Threats to the United States by the Government of the Russian Federation,” which imposed additional tariffs on imports of Indian origin due to India directly or indirectly importing Russian oil. Under these new tariffs, imports of most goods of Indian origin will be subject to an additional 25% duty, effective August 27, which…

US, Japan: US-Japan Trade Deal Announced – New Tariffs, Market Access, but Important Details to be Confirmed

By and 3 Mins Read

On July 22, President Trump announced that the U.S. had struck a trade agreement with Japan. The announcement calls for a 15% tariff on Japanese goods imported into the U.S. In return, Japan will “open their Country to Trade including Cars and Trucks, Rice and certain other Agricultural Products, and other things.” Under President Trump’s reciprocal tariff package announced in April, Japanese goods would be subject to a 24% duty. The imposition of this tariff…

Court of International Trade Rules IEEPA Tariffs Must Be Rescinded Within Ten Days

By , , , , and 4 Mins Read

In a landmark decision, the United States Court of International Trade (“CIT”) has ruled against the President’s imposition of tariffs under the International Emergency Economic Powers Act (“IEEPA”). The decision (involving two consolidated cases, V.O.S. Selections, Inc. et al. v. United States of America et al. and The State of Oregon et al. v. United States Department of Homeland Security et al.), is the first court decision on the Administration’s trade policy and the first…

Trump Announces Reciprocal Tariff Plan 

By , and 1 Min Read

President Trump issued a memorandum directing the US Trade Representative (“USTR”) and Secretary of Commerce to investigate alleged harm from non-reciprocal trade measures by trade partners and to issue recommendations based on their investigation.  The memorandum argues that a range of tariff and non-tariff measures maintained by various countries have contributed to unfair and unbalanced trade and harmed the United States.  Non-tariff measures specifically identified in the memorandum as being unfair and harmful to the United States include: The memorandum directs…

Efforts to Curtail the Global Race on Industrial Subsidies

By , , , and 6 Mins Read

Background Discussions at the World Trade Organization (“WTO”) on key issues concerning the regulation of international trade are intensifying in the lead up to the 13th biennial meeting of the highest decision making organ of the organization — the Ministerial Conference — scheduled to take place from 26-29 February 2024 in Abu Dhabi (“MC13”). Several informal meetings are being held in Geneva to streamline the work programme for MC13. One such meeting, scheduled to take…