{"id":5121,"date":"2022-04-05T17:17:07","date_gmt":"2022-04-05T17:17:07","guid":{"rendered":"http:\/\/siships.com\/blog\/?p=5121"},"modified":"2022-04-06T18:48:38","modified_gmt":"2022-04-06T18:48:38","slug":"biden-administration-rolls-back-trade-war-tariffs","status":"publish","type":"post","link":"https:\/\/siships.com\/blog\/biden-administration-rolls-back-trade-war-tariffs\/","title":{"rendered":"Biden Administration Rolls Back Trade War Tariffs"},"content":{"rendered":"

Some Imports from China to be Excluded from Tariffs<\/h2>\n

\"\"<\/span>President Biden and his administration will allow some products imported from China to <\/span>bypass the tariffs<\/a> imposed by the previous administration. In 2018, President Donald Trump began a trade war <\/a><\/span>with multiple countries, including China. The tariffs and quotas on certain imports obstructed trade and investment, with economists citing its negative impact on the global economy. This follows a U.S.-Japanese agreement to roll back<\/a><\/span>\u00a0Trump-era steel tariffs.<\/span><\/p>\n

The Biden administration has faced pressure to eliminate the tariffs, with many lawmakers and businesspeople arguing the tariffs were hurting U.S. companies and putting the U.S. at a disadvantage. Business leaders have grown frustrated with President Biden, urging him to drop the tariffs altogether and provide more information about where the U.S. and China stand in terms of trade.<\/span><\/p>\n

USTR Publishes Notice of Reinstatement<\/h3>\n

The roll back on certain tariffs became official when the United States Trade Representative (USTR) published 87 FR 17380<\/a> <\/span>on March 28th, 2022. This Notice of Reinstatement retroactively reinstates certain exclusions from China’s acts, policies, and practices related to technology transfer, intellectual property, and innovation by excluding certain products from additional duties. The total of 549 exclusions will affect certain goods withdrawn from the warehouse on or after 12:01 a.m. eastern daylight time on October 12, 2021, and before 11:59 p.m. eastern daylight time on December 31, 2022.<\/span><\/p>\n

These exclusions can be claimed using the Harmonized Tariff Schedule of the United States (HTSUS).<\/span><\/p>\n

Importers may file a request for a refund of Section 301 duties paid on previous imports through the Post Summary Correction (PSC). The latest information for the guidelines of this process can be found in CSMS 42566154<\/a><\/span>. Importers, brokers, and filers should refer to CSMS 39587858<\/a> <\/span>for guidance when filing for refund.\u00a0<\/span><\/p>\n

View the full list of HTS numbers affected here<\/a>.<\/span>
\n\"\"<\/span><\/p>\n

Waivers Could Slow Inflation<\/h3>\n

A major objective from the Biden administration is to ease inflation. Currently hurtling along at the speed of a runaway train, inflation is growing<\/a><\/span> due to tight supply chains, the Russian war<\/a><\/span> in Ukraine and more. Economists have been calling for a rollback of the trade war tariffs in hopes to combat some of these factors. It seemed unlikely, as recently as last November<\/a><\/span>, that this would be impossible due to the politics between Washington and Beijing. However, the calculus has shifted due to the crunch on American costs ahead of midterm elections.<\/span><\/p>\n

Washington and Beijing are still not seeing eye-to-eye, especially as China weighs their support for Russia, but this move could lead to a thaw in tensions. While there is still uncertainty and plenty of bureaucratic red tape to work through, this announcement from the Biden administration for a reduction in tariffs on Chinese imports is good news for freight forwarding and the global economy, at large.<\/span><\/p>\n

\n
\n

How SiShips Gives You The Advantage<\/h4>\n

If you believe you have imports that are eligible after October 21, 2022, Sheltered International is here to help with a post summary correction that will allow you to receive a duty refund from the U.S. Customs.\u00a0<\/span><\/p>\n

To learn more about how we can help you with managed transportation and shifting tariffs, contact us<\/a><\/span>\u00a0today.<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Some Imports from China to be Excluded from Tariffs President Biden and his administration will allow some products imported from China to bypass the tariffs imposed by the previous administration. 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