M.E. Dey Newsletter

M. E. Dey & Co.
5007 S. Howell Ave.
P.O. Box 370080
Milwaukee, WI 53237 USA
Ph: 414-747-7000
or 800-635-5537
Fax: 414-747-7010
info@medey.com

April 2004

EU Imposes Sanctions While
Senate Debates FSC Repeal

The European Union (EU) began imposing sanctions on March 1 on selected U.S. products, including certain meat, dairy and sugar products, cereals, perfumes and cosmetics and soap products. The EU action is part of a EU-US dispute before the World Trade Organization (WTO), where the WTO found the U.S. Foreign Sales Corporation/ Extraterritorial Income Exclusion Act (FSC/ETI) tax regime illegal. The additional duties start at 5 percent and then increase an additional one percent each month thereafter until the penalties reach 17 percent.

The EU will remove the sanctions as soon as Congress passes legislation to fix the FSC/ETI regime. In October, the Senate Finance Committee passed S. 1637, the JOBS Act, which repeals the FSC/ETI and replaces it with a 3 point tax rate cut on income from US-based manufacturing. Now on the Senate floor, it is uncertain when a vote on the legislation will occur.

M.E. DEY Website & Newsletter

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Trans-Pacific lines to discuss terminal handling charges

April 1, 2004 will bring into effect the 2nd quarter bunker charge
(this is not an April Fool’s joke!)

Shipments from the Far East to the USA and Canada may see an increase in charges:

20'-$175 40'-$230 40' HQ-$260 45'-$290

Australia Free Trade Agreement

On February 18, 2004, the White House published a Federal Register notice announcing that President Bush has advised the U.S. Congress of his intention to enter into the U.S.-Australia Free Trade Agreement.

President Notifies Congress on CAFTA Agreement

The White House issued a statement announcing that President Bush has advised the U.S. Congress of his intention to enter into the Central American Free Trade Agreement (CAFTA) with the governments of El Salvador, Guatemala, Honduras, Nicaragua and Costa Rica.

USDA Update on Wood Packing Import Restrictions

Contacts at the U.S. Department of Agriculture's (USDA) Animal and Plant Health Inspection Service (APHIS) have provided updated information on USDA's implementation plans for mandatory requirements on the import into the United States of wood packing materials from all countries.

Milwaukee World
Trade Association

Thursday, April 1
LUNCHEON
Free Trade and Wisconsin

Tuesday, May 18
40th Annual Wisconsin International Trade Conference

Wisconsin Department of
Commerce Newsletter

Secretary's Column: Gov. Doyle to Lead Business Development Mission to China
Apply Now For the Governor's Export Achievement Awards
University of Wisconsin – Madison E-Business Institute Provides Support for Wisconsin’s Industry Clusters

U.S Customs and Border Protection Container Security Initiative