The EU recently announced that effective November 10, 2020, they will apply additional tariffs on specific US goods. The goods that have been noted on the EU list are some of the more popular items that the US trades with the EU such as various spirits, seafood, and some chemicals, all meant to capture up to 4 billion dollars.
The EU has been proposing these new tariffs on US goods throughout the year and has now set the timeline to impose the new rates. The tariffs for some items are listed at 15% and go up to as much as 25%; it is critical that you review the list of HTS codes that have been impacted to ensure that you can understand your landed costs.
An important tip that you also need to review and talk with your customers about is that if an EU importer can prove that the US goods have been exported to the Union prior to the date on which an additional duty is applied (with respect to that product) shall not be subject to the additional duty.
These additional measures, as well as working issues that have been caused by the pandemic, are not an ideal environment to adjust trade between two major economies, however, an equal and fair playing field is a must-have condition to ensure that all future talks are met with a true purpose and a safe and vibrant life for all citizens.
Here you can find a copy of the EU Commission's implementation regulations, which includes items listed by HTS for consideration.
As always, should you have any questions or concerns, please feel free to contact me directly.
