24 March 2026 Trade Talking Points | Latest insights from EY's Trade Strategy team (19 March 2026) This edition of Trade Talking Points provides updates on trade policy developments from the United States (US), the United Kingdom (UK) steel strategy, and China's new trade protection rules. The US Trade Representative (USTR), Jamieson Greer, has initiated two separate investigations under Section 301 of the Trade Act of 1974.
On 11 March 2026, USTR Greer initiated an investigation into the acts, policies and practices of various economies relating to structural excess capacity and production in manufacturing sectors, and whether those acts, policies and practices are unreasonable or discriminatory and burden or restrict US commerce. The economies subject to the investigation are the Chinese mainland, the European Union (EU), Singapore, Switzerland, Norway, Indonesia, Malaysia, Cambodia, Thailand, Korea, Vietnam, Taiwan, Bangladesh, Mexico, Japan and India. Written comments and requests to appear at the hearings must be received by 15 April 2026, with public hearings to take place beginning 5 May 2026. For details, including the EY US Global Trade contact list, see EY Global Tax Alert, US Trade Representative initiates Section 301 investigations into structural excess capacity; comment period and hearings announced, dated 12 March 2026. On 12 March 2026, USTR Greer initiated an investigation into whether the acts, policies and practices of trading partners related to a failure to impose and effectively enforce a ban on the importation of goods produced with forced labor are unreasonable or discriminatory and burden or restrict US commerce. Sixty economies are subject to the investigation, including the UK, EU, Canada, Mexico, Australia and Japan. Written comments and requests to appear at the hearing must be received by 15 April 2026, with the public hearing to take place on 28 April 2026. For details, including the EY US Global Trade contact list, see EY Global Tax Alert, USTR initiates Section 301 investigations into 60 economies regarding imported goods produced with forced labor; comment period and hearings announced, dated 13 March 2026. On 13 March 2026, USTR Jamieson Greer and Ecuadorian Minister of Production, Foreign Trade, and Investment, Luis Alberto Jaramillo signed the US-Ecuador Agreement on Reciprocal Trade. The agreement, which is not yet in force, will give US and Ecuadorian firms greater access to each other's markets and is expected to improve cooperation on economic and national security issues. The agreement provides that:
UK Business Secretary Peter Kyle announced the UK's steel strategy on 19 March 2026, setting out new trade protections for the domestic industry. The plans include reduced import quotas for many steel products and a 50% tariff on imports above those limits, broadly aligning the UK with measures already adopted by the EU, US and Canada. There are limited exemptions for products not made by UK producers. The new framework will replace the existing UK steel safeguard measure, which will expire after 30 June 2026 and cannot be extended further. At the time of writing, the strategy has not yet been officially published. China's State Administration for Market Regulation (SAMR) has issued new Trade Secret Protection Rules, which will take effect on 1 June 2026, replacing original provisions dating back to 1995. The new rules update China's administrative framework for enforcing trade secret protection under the Anti-Unfair Competition Law, reflecting changes in the economy and the growing importance of technology-driven industries. The rules are departmental rules that guide SAMR's administrative enforcement, rather than expanding rights in civil or criminal litigation. Key updates include removing language that limited protection to "citizens," clarifying lawful reverse engineering, expanding coverage to digital and technological misappropriation, and setting out clearer examples of "reasonable measures" to protect confidential information.
Document ID: 2026-0712 | ||||
