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[Foreign trade events this week] Control policy, the renminbi strong pull up! Brazil announced new rules on cross-border import taxes, UPS plans to strike affecting 30% of packages in the United States, etc
Published:
2023-07-21
[Foreign trade events this week] Control policy, the renminbi strong pull up! Brazil announced new rules on cross-border import taxes, UPS plans to strike affecting 30% of packages in the United States, etc
Exchange rate
Control policy, the RMB exchange rate strong pull up
On the morning of July 20, the People's Bank of China and the State Administration of Foreign Exchange issued an announcement that the macro-prudential adjustment parameters for cross-border financing of enterprises and financial institutions were raised from 1.25 to 1.5.
The higher the macro-prudential adjustment parameters of cross-border financing, the higher the upper limit of cross-border financing for enterprises and financial institutions.
As soon as the news came out, the onshore yuan appeared a strong pull up market.
It took only about four minutes for the onshore yuan to rise from 7.224 to 7.1667 against the dollar in the morning session. The onshore rate then remained in a range of 7.180 to 7.170.
According to professional analysis, the control policy will have a significant correction effect on market expectations, and the RMB exchange rate will rebound significantly in the short term. The subsequent trend of the RMB exchange rate will mainly depend on the pace and intensity of the introduction of stable growth policies, as well as the macroeconomic trend in the third quarter.
Go on strike
UPS plans to strike, which will affect 30% of package shipments in the United States
The majority of UPS's front-line delivery workers come from the Teamster union, and the current contract between the two sides expires on July 31. Due to the breakdown of the renewal negotiations, the atmosphere between the two sides was tense, and the union even said that UPS gave a renewal offer with "insulting". At present, the union's 340,000 UPS couriers have voted to authorize a strike resolution and will launch strike action if necessary.
It is reported that once the strike begins, about 17 million packages per day will be affected, accounting for 30% of the national package volume.
If the strike takes place, it would be the largest strike against a single employer in U.S. history.
anti-dumping
The EU has made a preliminary anti-dumping ruling on China-related flat steel
On July 12, 2023, the European Commission issued a notice to make a preliminary affirmative anti-dumping ruling on SteelBulbFlats originating in China and Turkey.
Preliminary provisional anti-dumping duties on Chinese companies are 14.7 per cent.
The product in question is non-alloy spherical flat steel not exceeding 204 mm in width, involving products under the EU CN (CombinedNomenclature) code ex72165091 (TARIC code 7216509110).
The dumping investigation period in this case is from October 1, 2021 to September 30, 2022, and the injury investigation period is from January 1, 2019 to the end of the dumping investigation period.
The announcement will take effect the day after its publication and remain valid for 6 months.
Brazil
Brazil has announced new import taxes on cross-border online shopping
Local media news, according to the Brazilian Ministry of Finance announced the cross-border online shopping import tax regulations.
From August 1, orders of up to $50 generated on cross-border e-commerce platforms that have joined the Pakistani government's Remessa Conforme program will be exempt from import taxes, otherwise they will be subject to a 60% import tax.
Since the beginning of this year, the Ministry of Finance has repeatedly said that it will cancel the tax exemption policy of transnational online shopping of $50 and below, but under pressure from all parties, the ministry decided to strengthen the supervision of the major platforms, while maintaining the existing tax exemption rules.
South Sudan
South Sudan requires imported goods to have a certificate of conformity
South Sudan's Minister of Trade and Industry has issued an order mandating the issuance of pre-import standard certificates for all goods entering South Sudan.
In a ministerial order dated June 2, South Sudan's Minister of Trade and Industry, Kuol Athian Mawien, asked all stakeholders to comply with the directive to combat poor quality, counterfeit and adulterated goods.
The minister called on all traders and exporters to comply with the directive and produce a Certificate of conformity (COC) or face a fine equivalent to 40% of the value of the goods.
All importers, traders and exporters are required to present a Certificate of Conformity (COC) and import/export permit before their goods arrive at border posts for customs clearance.
The mandatory certificate of conformity has been implemented at all border points on June 21, 2023.
CARICom
Caricom will review the common external tariff and rules of origin
The Guyana-based CARICOM secretariat announced that the 15-member Caribbean Community (CARICOM) is reviewing its trade instruments to bring them in line with its aim of promoting trade growth, agriculture and industrial development by 2023.
Caricom's main trade instruments are the Common External Tariff (CET) and rules of origin, which will be reviewed by CARICOM member states and other stakeholders over two days starting June 22.
The CET Working Group will further consider the basic principles of CET categories and grades and the applicable rates.
The Working Group on Rules of Origin will seek to finalize several aspects of the text of the rules of origin regime.
Britain
The UK has issued a revised version of UK REACH
Recently, the UK HSE official website officially released the revised version of UK REACH 2023 No.722 regulation, announcing that the transitional provisions of UK REACH registration will be extended for three years on the existing basis, and the regulation will officially come into effect on July 19, 2023.
The UK REACH (Registration, Evaluation, Authorisation and Restriction of Chemicals) regulation is one of the main legislation regulating chemicals in the United Kingdom, which stipulates that the production, sale and import and distribution of chemicals in the United Kingdom need to comply with the provisions of UK REACH, but Northern Ireland continues to apply the EU REACH regulation.
Uk-reach requires chemical substances manufactured in the UK or imported into the UK to be registered with the HSE (Health and Safety Authority), which includes information on the hazards, uses and exposures of the substance.
The registered information is used by HSE for regulatory purposes and may also be used by registrants to determine appropriate risk management measures for themselves and downstream users of the supply chain.
CPTPP
Britain joins CPTPP, China next?
According to the US consumer news and business channel (CNBC) reported on July 16, the British Secretary of State for Business Kemi Badenoch officially signed the agreement on the same day, confirming the UK's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which is also the largest trade agreement signed by the UK since "Brexit".
The agreement, signed in New Zealand on the 16th, is now subject to review by the UK parliament, and other CPTPP countries will later complete their own legislative processes.
The UK government said that more than 99% of British goods exported to CPTPP countries will soon be eligible for zero tariffs.
At present, the CPTPP is made up of 11 member countries including Canada, Mexico, Japan, Australia, Vietnam, Singapore and Malaysia, and the UK will be the first European country to join the agreement.
On July 19, the State New Office held a press conference on the business work and operation in the first half of 2023.
Yang Tao, director of the General Department of the Ministry of Commerce, said that at present, China is communicating and consulting with various members in accordance with the procedures for joining the CPTPP.
China applied to join the CPTPP in September 2021, and is now actively promoting the accession process, and has conducted a comprehensive and in-depth analysis, evaluation and research on all provisions of the CPTPP, and sorted out possible measures and laws and regulations that need to be amended.
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