The European Commission earlier this week announced the adoption of regulation as the EU's rebalancing measures in response to the U.S. tariffs on steel and aluminum. The measures will immediately target a list of products having a value of €2.8 billion and have an effective date of 22 June 2018.
Read TradeNewsFlash for a list of U.S. imports and the additional customs duty.
HM Revenue & Customs (UK) has published a list of products that the EU counter measures on U.S. products will start applying today. As noted in the HMRC release, the rebalancing measures will be effective 22 June 2018. However, under EU Implementing Regulation 2018/724 (Article 4), goods that have already exported from the United States will not be subject to the new extra customs duties.
There are two lists of products to which rebalancing measures will be applied:
For imports into the UK and for the purpose of these rebalancing rates, HMRC will consider the point of export to be determined with the completion of export formalities followed by the leaving of the territorial waters of the United States. It is that date that HMRC will take into account when considering whether or not to apply the new duties. A proof such as the bill of lading—on which the shipping date may be compared to the date of entry into force of the additional duties—must be made available to the customs authorities on request.
For more information on this topic or to learn more about KPMG’s Trade & Customs Services, contact:
Partner, Global Practice Leader
Partner, National Practice Leader
John L. McLoughlin
Principal, East Coast Leader
Luis (Lou) Abad
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