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Another trade bill aimed at making the US more competitive, this one dubbed the China Competition Bill 2.0, has been proposed by Senate Democrats. The hope is that this proposal will be a start to working out at a bipartisan trade bill to expand on the compromise CHIPS and Science Act which was signed into law last year. The CHIPS and Science Act contained provisions found in two competing China competition bills, one in the House and one in the Senate, which had failed to advance intact from reconciliation. The final bill authorized an investment of nearly $280 billion to bolster US semiconductor capacity by supporting research and development, manufacturing and providing tax credits for chip production.

Major objectives in the new bill are to further limit the flow of advanced technology and investment to China, increase domestic economic development, provide more support for our traditional allies and to deter China from a conflict with Taiwan. Specifics could include tighter export controls, sanctions and limits on US investment in China. It is expected that the new bill will include a long overdue renewal of the Generalized System of Preferences (GSP) and the reauthorization of the Miscellaneous Trade Bill, both of which had been included in the earlier trade bills. Reinstatement of at least some of the expired exclusions to the Section 301 tariffs on China origin goods may also be included.

The announcement is only a first step, and as evidenced by the failure to push through a similar comprehensive trade bill last year this may be too difficult to accomplish. It is nice, however, to see that trade bills have not been forgotten in Congress.

 

 

Best Regards,

Sam McClure, LCB

Director of Compliance & Customs Services

 

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Meet one of CVI’s Customs Brokerage & Compliance experts, Sam McClure:

Sam serves as Director, Compliance and Customs Services for CVI. He serves as CVI’s corporate compliance officer and is responsible for overseeing all aspects of our Customs related services, including growth.

Sam started his career in 1977 with Waters Shipping Company in Charlotte, NC. He began as a document runner, soon becoming a leader in operations and customer service for the branch. Sam, along with Linda Masten, founded Central Carolina Shipping Inc. in 1983 as an independent Customs Brokerage firm where he served as Vice President for 26 years. Sam and Linda grew Central Carolina into a successful and highly respected member of the Carolinas trade community. When Charlotte opened their local chapter of the IFFCBA Sam was part of the organizing group and he headed the Customs committee for several years. Sam obtained his Customs Brokers License in 1984 and remained with Central Carolina until the company was acquired by CVI in 2009.

At CVI, Sam has held several positions in both the operations and sales departments. As an expert in U.S. Customs regulations, Sam is often called upon on to provide guidance to importers on Customs compliance issues. He makes regular presentations on matters related to importation and broader regulatory compliance.

– Sam McClure, LCB, Director of Compliance & Customs Services, CVI
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