A bill to provide for the liquidation or reliquidation of certain entries of products of European Union member states, and for other purposes.
Impact
The bill proposes a significant impact on trade regulations, particularly concerning imports from the European Union. By enabling the refund process for duties on specific product entries made within designated time frames, the bill is intended to alleviate financial strain on importers and support their business operations. This could potentially lead to a more favorable trade environment and foster better relationships between U.S. businesses and their European counterparts.
Summary
SB2343, known as the 'For Accurate Import Relief To Aid Retailers and Importers of Foreign Freights Act of 2023', addresses the liquidation and reliquidation of certain entries of products imported from European Union member states. The bill sets out specific provisions allowing U.S. Customs and Border Protection to refund additional duties collected on these products under certain conditions, primarily during specified 60-day periods. This aims to rectify prior overcharges and assist both retailers and importers in managing tariff burdens.
Contention
Notable points of contention surrounding SB2343 may arise regarding its implications on existing trade policy and the control of the Customs bureaucracy. Some commentators may question whether the expedited refund processes could lead to administrative complications or delays for importers. Moreover, there could be broader discussions on how this bill fits into the larger context of U.S. trade relationships, especially given ongoing tensions around tariffs and trade agreements with the European Union.
To provide for the liquidation or reliquidation of certain entries of steel and aluminum products retroactively approved for exclusion from certain duties.
A bill to provide for the liquidation or reliquidation of certain entries of steel and aluminum products retroactively approved for exclusion from certain duties during the COVID-19 pandemic.
A bill to amend the Internal Revenue Code of 1986 to modify the low-income housing credit and to reauthorize and reform the Generalized System of Preferences, and for other purposes.
Restoring Trade Fairness ActThis bill establishes various trade measures related to China, including by revoking China's permanent normal trade relations (PNTR) status and increasing the rates of duty (i.e., tariffs) on Chinese imported goods. The bill prohibits imported goods originating from North Korea, China, Russia, or Iran from receiving de minimis treatment. (Current law allows for U.S. imports under a de minimis threshold of $800 per shipment to enter free of tariffs, fees, and taxes.)Specifically, the bill revokes China's PNTR status. Currently, China's PNTR status allows for Chinese goods to have duty rates set forth in column 1 of the Harmonized Tariff Schedule of the United States (HTS). With the removal of China's PNTR status, the bill generally sets the applicable duty rates on imported Chinese goods at the higher rates listed in column 2 of the HTS, with exceptions.The bill establishes a minimum duty rate of 35% for all Chinese goods, which requires column 2 rates to be at least 35%. However, the bill establishes a minimum duty rate of 100% for a list of specified goods (e.g., various minerals, certain vaccines and drugs, and certain defense-related articles). Duty rates are phased in over five years and adjusted annually for inflation.The bill alsoauthorizes the President to take additional actions related to trade with China, requires merchandise imported from China to be appraised based on U.S. value, and establishes a trust fund to compensate U.S. producers for lost revenue resulting from retaliatory actions by China.