The Latest on Tariffs and Their Impact on Business Strategies [Video and Audio]

  • Industry trends
  • 6/11/2024
Omar Nashashibi

Watch our video and audio series to better understand the goal of tariffs and their likely impact on global trade and the world economy.

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CLA has contracted with The Franklin Partnership and Omar Nashashibi to provide the content for this video and audio series. We regularly add new clips as changes in the trade war and U.S. tariff policies develop, so check back periodically for the latest updates. 

We’ve talked extensively with Omar Nashashibi of The Franklin Partnership and others to record a series of short videos and audio clips that can help you better understand the goal of tariffs, their likely impact on inflation, the current and near-term trade environment, potential global quotas, and strategies for staying competitive.  

Customs and Border Protection Action on De Minimis

On May 31, 2024, U.S. Customs and Border Protection (CBP) issued a statement announcing it was suspending multiple customs brokers for posing “an unacceptable compliance risk” for de minimis shipments entering the U.S.

Our trade policy correspondent in Washington, DC — Omar Nashashibi of The Franklin Partnership — discusses the impact the action has on companies importing products valued at $800 or less that were brought into the U.S. under the Entry Type 86 Test, a CBP pilot program allowing for the electronic processing of certain products under the de minimis threshold.

Section 301 China Tariff Report Released

On May 14, the Office of the U.S. Trade Representative released a review of China's acts, policies, and practices related to technology transfer, intellectual property, and innovation. This review is required by law after four years.

USTR also announced it will increase the tariff rate on select imports from China over the next two years. Our trade policy correspondent in Washington, DC — Omar Nashashibi of The Franklin Partnership — discusses these developments.

GSP, Duty-Free De Minimis Exemption, and More

While both parties support the need to renew the Generalized System of Preferences (GSP) and address de minimis imports, no Democrats voted for the bills in committee, says our trade policy correspondent in Washington, DC — Omar Nashashibi of The Franklin Partnership.

Sources in Washington indicate — should a trade package come together later this year — Democrats would likely continue insisting on pairing Trade Adjustment Assistance (TAA) with GSP and de minimis. House Republicans believe TAA is a separate topic, traditionally paired with Trade Promotion Authority.

The Ways and Means Committee also addressed a more controversial topic — ending China’s ability to import into the U.S. duty-free under the de minimis exemption. Watch the video to learn more.

How we can help

CLA’s manufacturing and distribution professionals and international business advisors can help you assess the impact of tariffs on your operations and craft short- and long-term strategies for competing amid the trade war.

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