Latest news with #importDuties
South China Morning Post
08-07-2025
- Business
- South China Morning Post
Asia faces tricky path to trade negotiations as Trump shifts goalposts on tariffs again
Asia could face a prolonged period of trade uncertainty after US President Donald Trump extended the deadline for imposing higher import tariffs to August 1. Trump told trade partners on Monday that the new deadline was final, though he might grant further extensions if countries submitted acceptable proposals. He also confirmed plans to impose a 25 per cent tariff on imports from Japan and South Korea in letters posted on his social media platform, warning: 'If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25 per cent that we charge.' The announcement comes as a 90‑day suspension of some of Washington's most aggressive import duties is set to expire on Wednesday. A port under the Port Authority of Thailand in Bangkok on Tuesday. US President Donald Trump has announced tariffs of 36 per cent on goods from Thailand starting on August 1. Photo: Reuters Trump first announced higher tariffs on US imports worldwide on April 2 – a date he has branded 'Liberation Day' – citing the need to reset America's trade imbalances. The measures were then suspended to allow time for negotiations, but the threat now appears to be returning in full force.
Zawya
04-07-2025
- Business
- Zawya
Standard Bank and ICBC partnership opens doors for African exports at massive trade expo
Just as Africa's leading exporters converged in China for the 2025 China–Africa Economic and Trade Expo (CAETE), a landmark announcement electrified the trade landscape: China declared zero import duties on goods from the 53 African countries with diplomatic ties. This timely move slashed costs for African products and opened the door to a new era of seamless trade and opportunity. 'This is extremely significant,' said Bill Blackie, chief executive officer of Business and Commercial Banking at Standard Bank Group. 'It reflects the precision and forward-thinking nature of how China implements trade policy. The fact that it was announced on the eve of CAETE underscores the strategic alignment between trade diplomacy and real economic opportunity.' Against the vibrant backdrop of CAETE — Africa's largest trade platform in China, now in its fourth edition — a 48-member delegation from 10 African countries showcased premium products spanning agriculture, natural wellness, and handcrafted lifestyle goods. Driving market access With over 12,000 delegates and 2,800 organisations participating, the expo reaffirmed its critical role in deepening commercial connectivity between Africa and China. Standard Bank, through its Business and Commercial Banking division, facilitated the participation of companies from South Africa, Kenya, Ghana, Mozambique, Tanzania, Nigeria, Zambia, Uganda, Botswana, and Malawi. Leveraging its 17-year strategic partnership with China's Industrial and Commercial Bank (ICBC) and the Hunan Provincial Government, it continues to play a pivotal role in helping African exporters unlock access to Chinese markets. 'We are committed to turning possibilities into opportunities, and opportunities into growth, for the vibrant businesses that power Africa's economy,' said Blackie. 'We are deliberate about building capacity, opening access, and removing friction so that Africa's businesses can scale and win.' Strengthening trade partnerships Highlighting China's growing significance as a key trading partner, Wesgro chief executive officer, Wrenelle Stander said: 'As we pursue our bold objective of tripling exports by 2035, deepening our engagement with China will be essential to unlocking new trade opportunities. It is within this context that our participation in CAETE 2025 proved so significant. "Enabled by our strategic partnership with Standard Bank Group and ICBC, and in collaboration with the Hunan Department of Commerce, the expo provided a valuable platform to position the Western Cape as a premium export region. "It also allowed us to connect local businesses with high-potential buyers across key sectors, bringing our strategy to life in an impactful way. We are deeply grateful to the Standard Bank Group for their continued partnership as we work to expand the Western Cape's global footprint.' This reaffirmed China's position as one of South Africa's most important export markets, with total exports from the Western Cape to China reaching R11.76bn in 2024. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
South China Morning Post
30-05-2025
- Business
- South China Morning Post
US retail giants pushing Chinese suppliers to shoulder up to 66% of tariff costs
American retail giants are now demanding that their Chinese suppliers shoulder half to 66 per cent of the cost of US import duties, as the ongoing US-China trade war ramps up pressure on businesses' bottom lines, industry sources told the Post. Advertisement US retailers have been locked in talks with Chinese producers for weeks over how to handle the additional costs caused by the trade war, with the firms facing intense political pressure at home to ' eat the tariffs ' and keep prices stable. Walmart and other major US retail groups previously agreed to bear the full cost of the tariffs when they asked their Chinese suppliers to resume shipments in late April, industry sources told the Post at the time But global brands including several US retail giants are now pushing suppliers in both China and parts of Southeast Asia to absorb a large chunk of the cost of the levies, according to sources from suppliers serving companies including Walmart, Target, Nike, Puma and Adidas. 'Most of our customers, the garment vendors exporting to major retailers and brands, are being asked to cover 50 to 66 per cent of the current tariffs,' said an executive at a fashion supplier, which produces and sources from China and Southeast Asia and then sells across the United States and Europe. Advertisement The negotiations remain fluid and the details of how the tariff costs will be divided have not yet been finalised, the sources stressed, as both sides remain in constant contact as they try to navigate a 'tough time' for the industry.
Entrepreneur
28-05-2025
- Business
- Entrepreneur
Understanding the First Sale Rule in U.S. Customs Law
The first sale rule is a significant provision in U.S. customs law, offering importers a strategic advantage when calculating duties on imported goods. This legal concept allows businesses to base... This story originally appeared on Due The first sale rule is a significant provision in U.S. customs law, offering importers a strategic advantage when calculating duties on imported goods. This legal concept allows businesses to base their duty calculations on the lowest cost of goods in a multi-tiered transaction, potentially resulting in substantial savings for companies engaged in international trade. Under standard customs procedures, importers typically pay duties based on the price they pay to acquire goods from foreign suppliers. However, the first sale rule creates an alternative pathway to reduce these costs in specific supply chain structures significantly. How the First Sale Rule Works The rule applies to multi-tiered transaction chains where goods change hands multiple times before reaching the U.S. importer. In such scenarios, the rule permits importers to calculate duties based on the 'first sale' price—the amount paid in the initial transaction between the manufacturer and the middleman—rather than the higher price paid by the U.S. importer to the middleman. For example, if a manufacturer in Asia sells products to a trading company for $80 per unit, and that trading company then sells to a U.S. importer for $100 per unit, the first sale rule would allow duties to be calculated on the $80 price rather than the $100 price. This calculation method can create significant savings, especially for high-volume importers or those dealing with products with higher duty rates. Requirements for Using the First Sale Rule Importers seeking to take advantage of this provision must meet several key requirements: The initial sale must be a genuine 'arm's length transaction' between unrelated parties The goods must be destined for export to the United States at the time of the first sale The importer must maintain detailed documentation proving the transaction values The middleman must act as more than just a paper company, adding real value to the transaction Customs authorities scrutinize first sale claims, requiring importers to provide substantial evidence supporting their valuation method. This typically includes sales contracts, purchase orders, invoices, proof of payment, and other documentation establishing the legitimacy of the transaction chain. Strategic Importance for Importers The first sale rule represents a valuable duty-saving opportunity for businesses with complex global supply chains. When properly implemented, this strategy can reduce customs costs by 10-20% or more for companies importing high-duty items or dealing in large volumes. The savings can be dramatic,' notes one trade attorney who regularly advises clients on customs matters. For companies importing millions of dollars in goods annually, even a slight percentage reduction in duty rates translates to a substantial bottom-line impact. The rule has gained increased attention recently as tariff rates have risen on many products, particularly those from China. As companies face growing pressure to control supply chain costs, customs strategies like the first sale rule have become more central to financial planning. Despite its advantages, the first sale rule remains underutilized by many importers due to its documentation requirements and the need for careful supply chain structuring. Companies considering this approach should work with customs experts to ensure compliance with all regulatory requirements while maximizing potential savings. The post Understanding the First Sale Rule in U.S. Customs Law appeared first on Due.
