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October 5, 2018
2018-1974

Trade Watch for September 2018

The latest edition of Trade Watch is attached below. Trade Watch is a quarterly communication prepared by Ernst & Young's Customs & International Trade Practice. Highlights of this edition include:

Spotlight on changing trade blocks

— NAFTA update: US and Mexico reach an agreement in principle; inclusion of Canada remains uncertain

Global

— The EU and Japan sign Economic Partnership Agreement

Americas

— Canada — Duty relief, duty drawback and remission available for Canadian surtaxes on certain US originating goods
— Canada updates trade compliance verification list
— Mexico — Mexico takes retaliatory measures against US imposition of steel and aluminum tariffs
— United States — US issues new steel and aluminum proclamations outlining potential relief opportunities for US importers
— US-China trade dispute escalates with punitive tariffs implemented on a total of USD360 billion of trade between the two nations

Asia-Pacific

— Japan — EU-Japan EPA and TPP change trade landscape for Japan
— New Zealand — New Zealand makes major changes to customs legislation with Customs and Excise Act 2018

Europe, Middle East and Africa — Côte d’Ivoire — Special authorization on transit and re-exportation of “sensitive” goods
— Italy — Italian Customs Agency clarifies implementing procedures regarding authorization to store energy products in third-party warehouses
— Uganda — Uganda introduces domestic tax exemptions for developers and operators in free zones
— United Kingdom — UK Government’s guidance on preparing for “no deal” on Brexit outlines indirect tax implications

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ATTACHMENT

Trade Watch for September 2018

 

 


 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

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