Last week, the White House announced a 100% Section 232 tariff on large drones and critical components, citing their dual-use applications. The duties are set to take effect on September 3.
Hong Kong’s Financial Services and Treasury Bureau (FSTB) recently issued a consultation document on amending the Companies Ordinance law. If the amendment proposal is approved, companies incorporated in Hong Kong will need to identify their beneficial owners and register with the Hong Kong Companies Registrars.
On July 18th, the US-China Business Council, the U.S. Chamber of Commerce, and the China General Chamber of Commerce – USA hosted a reception and luncheon in honor of His Excellency Wang Yang, vice premier of the People’s Republic of China. U.S. Chamber of Commerce President and CEO Thomas J. Donohue, China General Chamber of Commerce – USA Chairman Xu Chen gave the welcome remarks. U.S. Treasury Secretary Steven Mnuchin and U.S. Commerce Secretary Wilbur Ross also addressed the luncheon.
The US-China Business Council’s (USCBC) annual report on state exports shows that China continues to be an important destination for American goods and a significant contributor to US economic growth. “Since 2005, USCBC data reveals that US exports to China have grown faster than exports to any other major US trading partner,” USCBC President John Frisbie said. “Despite the slowdown of a maturing economy, growth the past decade is unmistakable. There is no doubt that China is an important market for states across the country and that more must be done to strengthen US exports to China.”
