January 28, 2022 | VOLUME 59
Bring on the Lunar New Year
The Lunar New Year is celebrated uniquely throughout Asia in different countries. We wish a happy and prosperous New Year to our colleagues in our Hong Kong and Vietnam offices who will be celebrating this year.
South Korea imposes multi-million dollar fine for price fixing
The shipping lines hit by a collective $80.7m fine by the Korea Fair Trade Commission for price-fixing say it won’t have have a substantial impact on their operations or finances. South Korea and transport ministries in various countries allowed shipping companies to set freight rates through collective actions. However, South Korean law did not insulate such actions from antitrust prosecution, leaving the shipping lines vulnerable when timber importers filed a complaint in July 2018.
CARRIER FINES? FINE, SAY CARRIERS
New tariff numbers call for internal HTS review
Tariff number changes in the US following Presidential Proclamation issued at the end of December. Some numbers could also see changes in duty. We will continue to keep you posted.
Flights dwindling between US and China
The number of flights available to passengers and cargo between mainland China and the US is declining following actions by Beijing and Washington over pandemic-related travel rules; the latest escalation in a spat over pandemic-related travel rules between the United States and China.
Canadian Border Services Agency’s Assessment and Revenue Project
Companies importing into Canada, both resident and non-resident importers, should be aware of the Canadian Border Services Agency’s Assessment and Revenue project. If you have any questions, contact your ECX Canada representative.
European energy continuity plans
The European Union is working with allies to ensure a steady supply of energy and natural gas if the current tensions in Ukraine escalate into all-out war.