Prices of certain chips sold in China's black market have risen "by 500 times" since the U.S. announced new semiconductor-related export controls earlier this year, according to an unofficial translation of a Dec. 27 report by United Daily News in Taiwan. The report said "the demand for high-end chips in mainland China is hot, making local black market transactions hot" and "chip smuggling increasingly rampant."

The Philippines will soon cut tariffs on certain imported electric vehicles and components, the Hong Kong Trade Development Council reported Dec. 20. The change, starting early next year, will remove tariffs on vehicles -- including cars, buses, trucks and bicycles -- for five years. The tariff elimination won’t apply to “hybrid type electric vehicles,” the report said. Tariffs will be lowered to 1% from the existing 5% rate over the same five‑year period for parts and components. The Philippines will evaluate the tariff change after one year to “evaluate its impact on the local industry,” the report said.

Chinese imports of chipmaking “machines” dropped in November to their lowest levels in two years, Bloomberg reported Dec. 21. Chinese companies reported $2.3 billion worth of imports of the machines last month, a 40% drop from the previous year and the lowest level since May 2020, the report said. The drop comes amid new U.S. export restrictions on semiconductor items to China (see 2210070049, 2211010042 and 2212060059).

Sri Lanka recently lifted import restrictions on 78 products, including apparel, refrigerators, tiles, air conditioning machines, lighting fittings and exercise equipment, the Hong Kong Trade Development Council reported Dec. 15. The country has been gradually lifting import bans on a range of items (see 2210030012) after it banned the goods in August, the report said. The country has since removed about half the items from the import ban list.

China “welcomes” the Commerce Department’s decision last week to remove 25 Chinese companies from the Unverified List but criticized the agency’s decision to add other firms to the Entity List, calling the move “economic bullying.” In a Dec. 16 statement, China’s Ministry of Commerce said the U.S. “has ignored the fact that Chinese and American companies conduct normal commercial transactions and trade exchanges, ignored the strong voices of Chinese and American industries, generalized the concept of national security” and “abused export control and other measures,” according to an unofficial translation of the statement.

The U.K.'s Trade Secretary Kemi Badenoch will start the sixth round of trade talks on a U.K.-India free trade agreement during a trip to New Delhi this week, the Department for International Trade announced Dec. 12. Badenoch will meet with Indian Commerce and Industry Minister Piyush Goyal and address both teams of negotiators before the formal negotiating round begins. The talks will center on cutting tariffs and broadening opportunities for U.K. services, including financial and legal, the DIT said. Badenoch also will meet with business leaders "to better understand their needs for a modern UK-India trade relationship."

The Association of Southeast Asian Nations renewed a memorandum of understanding that presents trade restrictions on imports of certain “essential goods and supplies,” the Hong Kong Trade Development Council reported this month. The MOU was renewed until Nov. 30, 2024, and covers 351 tariff lines, including 92 new lines agreed to this month. It covers various agricultural products, food items, pharmaceuticals, sanitary goods and products relating to vaccines.

Australia on Dec. 7 issued guidance on its implementation of the Russian oil price cap, including how it defines financial services and information on a “general permit” that will authorize certain oil-related activities. The price cap, implemented by G-7 countries, the EU and Australia, took effect Dec. 5 (see 2212050014).

Sri Lanka recently proposed the phasing out of certain fees and tariffs, including para-tariffs on imports, the Customs Excise and Cess (CESS) levy and Ports and Airports Development Levy (PAL), the Hong Kong Trade Development Council reported Dec. 1. The country proposed para-tariffs to be phased out in five years from Jan. 1, the CESS levy within three years, and the PAL within five years, except for levies on solar panels and inverters. Sri Lanka also will revise its “current three-band customs import duty system” of 0%, 10% and 15%, to 0%, 15% and 20%, respectively, HKTDC said.

Japan imposed antidumping duties on hot-dipped galvanized steel wire from South Korea and China, the Ministry of Economy, Trade and Industry announced Dec. 2. Following an investigation that began in June 2021, METI and the Ministry of Finance found duties were needed to protect the domestic industry in Japan. The duties range from 9.8% to 41.7%, and are in effect Dec. 8, 2022, to Dec. 7, 2027.