Customer Advisory: U.S. Announces Deal with China
U.S. Announces Deal with China and Delays Planned Tariffs
President Trump said Friday that he had reached a “substantial deal” with China that will forestall a planned tariff increase on Oct. 15, providing a temporary détente in a yearlong trade war.
Applications for Customs Duty Exemptions under the Miscellaneous Tariff Bill Open October 11
The miscellaneous tariff bill (MTB) process, which allows importers the opportunity to request temporary reductions of general tariffs on imported products, began accepting applications for a second round of MTB requests this week. This is the second time MTB requests are being allowed since the inception of the program in 2016. Under the American Manufacturing Competitiveness Act (AMCA), a product may be granted a reduced-duty or duty-free period if that product does not directly compete with another U.S. made product. Further, the tariff revenue on the imported product must be less than $500,000 per year.
Importers may file a petition for MTB with the International Trade Commission (ITC) beginning today in the ITC portal here. While the process may take 10+ months from date of application, the tariff relief could save importers thousands of dollars per year.
Currently, products that qualify for an exemption under the MTB may still be subject to Section 301 duties, if applicable.
For more information on the MTB program, visit USITC.