U.S. President-elect Donald Trump announced that he would impose an additional 10% tariff on Chinese products on top of the original tariffs, and impose a 25% tariff on all products from Mexico and Canada.

Trump pointed out through his social platform Truth Social on the 25th that he had previously negotiated with China many times on the issue of large quantities of drugs, especially Fentanyl, flowing into the United States – but with little success. Chinese representatives claimed that they would severely punish caught drug traffickers with the maximum penalty (that is, the death penalty), but unfortunately, they have not fulfilled their promise. Drugs are flowing into the United States on an unprecedented scale, mostly through Mexico. Before they stop, the United States will impose an additional 10% tariff on all Chinese imports on top of the original tariffs.

Trump also said that as we all know, tens of thousands of people are pouring into the United States through Mexico and Canada, bringing with them unprecedented crime and drug problems. A group of thousands of people from Mexico is trying to cross the “open border” of the United States, and it seems impossible to stop it.

Trump said he would sign the necessary documents on January 20, the day he takes office, to impose a 25% tariff on all Mexican and Canadian products imported into the United States and issue an executive order against the United States’ absurd open borders. Tariffs will not be lifted until drugs (especially fentanyl) and all illegal immigrants stop invading the United States.

Trump pointed out that Mexico and Canada have absolute power and can easily solve this long-standing problem. We ask them to exercise this right, and before doing so, they need to pay a very high price!

In an interview with CNBC’s “Squawk Box Asia” on the 26th, Goldman Sachs China Securities Strategy Chief Kinger Lau said that an additional 10% tariff on Chinese products would be lower than the 20% to 30% originally expected by the market. He predicted that China would offset the impact of increased tariffs on the economy by cutting interest rates, increasing fiscal stimulus packages, and mildly devaluing the renminbi.

During his campaign, Trump threatened to impose a 60% tariff on Chinese imports and a 10-20% tariff on products from other overseas regions. According to calculations, these tariff actions may increase the cost of each iPhone by US$240.

Barron’s reported on November 13 that Census Bureau data showed that the United States imported approximately $4 trillion in goods and services over the past year. Among them, US$433 billion are Chinese goods, and about one-tenth of this (US$42 billion) is smartphones. More than 80% of imported smartphones come from China, and there is not much domestic production capacity in the United States.

Analysis shows that about 45-50% of the cost of each iPhone is related to imported content. If a 60% tariff is levied on these imported contents, it would be equivalent to a tax burden of US$216~240 per iPhone 16, with an effective tax rate of 27~30%.

(Image source: shutterstock)

 

News source: Yahoo stock market! Moneydj financial management network

On August 20, Yang Ming Marine released a notice stating that a container on the deck of the YM Mobility vessel had exploded at the Ningbo Port Phase III terminal on August 9th. Local port authorities have completed firefighting operations and are conducting a subsequent investigation.

To safeguard the safety and interests of the vessel, cargo, and crew, Yang Ming Marine has formally declared a general average and appointed Richards Hogg Lindley to collect security from cargo parties. Please refer to the detailed cargo withdrawal notice for specific security requirements and document templates.

To facilitate the smooth release of your cargo and avoid unnecessary delays, please contact the adjusters and provide the necessary security and corresponding documents. Please treat this notice as urgent to avoid delays; cargo cannot be withdrawn until security is submitted.

A general average occurs when a vessel carrying cargo belonging to one or more parties sacrifices part of the vessel or cargo to save the whole. In such cases, the loss is shared by all cargo owners to adjust the extent of the loss.

International Logistics Circle Maritime Cargo Expert CommunitySecond International Port and Logistics and Multimodal Transport Exhibition, grandly opened on August 21st.

Previously, on August 12, Yang Ming Marine issued a statement indicating that a container explosion had occurred on board the YM Mobility while operating in Ningbo Port. Relevant authorities are investigating the cause and responsibility of the incident. The estimated loss ranges from US$1.5 million to US$9.5 million.

The declaration of a general average means that all cargo owners on the YM Mobility must share the responsibility and provide general average security before their cargo can be released. According to the latest vessel dynamics displayed by the Vessel Tracking Network, the YM Mobility is still berthed at Ningbo Port.

It is worth noting that before the accident in Ningbo Port, the vessel had called at Shanghai Port, involving multiple shipping companies in a joint venture. Cargo owners and freight forwarders whose cargo was loaded on this vessel recently should maintain timely communication with their clients and shipping companies to understand the latest situation and disseminate the information.

Source: Vessel Tracking Network compilation, please indicate the source when reprinting.

Keelung Customs stated that according to Article 37 of the Customs Act, goods sent abroad for repair must be reimported within one year from the day following the date of export clearance. If there are factual reasons, a written request for a six-month extension may be submitted to the Customs before the expiration of the deadline. In such cases, import duties may be assessed based on the valuation of repair costs. If reimportation is delayed beyond the deadline, duties will be assessed based on the value of general imported goods. The aforementioned “date of reimportation” refers to the date of arrival at a port of entry in the country as defined in Article 6 of the Enforcement Rules of the Customs Act.

Keelung Customs explained that to facilitate the confirmation of the identity of the exported and reimported goods, the aforementioned goods sent abroad for repair should have their item name, quantity, specifications, and a declaration stating that they were sent abroad for repair detailed on both the export and import declarations. Additionally, the nature of the damage or defects requiring repair should be stated on the export declaration, and the statistical method should be reported as 7M (domestic goods exported for repair) or 9M (foreign goods returned from overseas repair).

Keelung Customs further explained that recently, some businesses have reported reimported goods for duty assessment based on repair costs. However, customs inspections have revealed that these goods were not the original goods sent abroad for repair but were instead replaced with new goods by foreign manufacturers due to their inability to repair the original goods. Therefore, Article 37 of the Customs Act does not apply in such cases, and import duties should be assessed based on the value of general imported goods. If there is any underpayment of taxes due to false declarations, the Customs Smuggling Act will be applied.

Keelung Customs finally reminded businesses that if they wish to assess import duties for goods sent abroad for repair based on repair costs, they must reimport the goods within the statutory period and confirm before customs clearance that they are the original goods sent for repair to avoid additional taxes or penalties.

Contact person: Chen Cheng-Hsuan, Wudu Branch, Tel: (02) 8648-6220 ext. 2711

 

資料來源: Ministry of Finance R.O.C.

 labor strike crisis is brewing among port workers along the U.S. East Coast and Gulf Coast. The International Longshoremen’s Association (ILA), representing tens of thousands of dockworkers, has halted contract negotiations with the United States Maritime Alliance (USMX) over issues of port automation technology. The union is protesting the use of automated gate systems that do not require union labor to operate, claiming it violates existing labor agreements.

The ILA’s main demands include preventing automation from replacing workers’ jobs, securing similar wage increases to those achieved by the International Longshore and Warehouse Union (ILWU) on the West Coast, and ensuring that new terminal jobs are assigned to union members. The current contract is set to expire on September 30th, and the union has stated it will not extend the contract deadline, meaning a strike is likely if a new agreement is not reached by then.

If a strike occurs, it will have a significant impact on the supply chain, potentially causing delays and increased costs for imported goods, negatively affecting multiple industries, including retail. Businesses could face inventory shortages and price increases. Additionally, past strike actions have led to increased airfreight demand as companies seek alternative solutions to avoid disruptions in ocean services.

This strike crisis highlights the conflict between port automation and workers’ interests, the union’s tough stance, and the complexities of labor contract negotiations, foreshadowing uncertainty in U.S. port operations over the coming months.

Here are some additional points to note:

• The article provides a concise and informative overview of the potential labor strike at U.S. East Coast and Gulf Coast ports.
• It highlights the key issues at stake, including concerns over automation, wage increases, and job security.
• The article discusses the potential impact of a strike on the supply chain and businesses.
• It concludes by emphasizing the uncertainty surrounding the situation and the potential for disruptions to port operations.