ExportUsa: "For Italy and the EU the new duties are good news"

The new duties imposed by the US administration are good news for Italy and the EU because the tariff imposition is lower than the previous one. This was declared by Lucio Miranda, president of ExportUSA New York. “Translated into practical terms – he underlines – if we take the example of the export of an industrial compressor with an MFN duty of 4.2%, the new regulation guarantees a concrete drop in the tax burden on American customs”.
Let’s see why. From today the regulations on US import duties for products coming from Italy and Europe are changing. An update that brings improving news for our exporting companies.
– What changes from today?

“The temporary duties foreseen by Section 122 expire (in force from February 24) and the new duties of Section 301 officially come into force” highlights Miranda. The fundamental difference lies in the calculation method:
Before (Section 122): The 10% duty was in addition to the basic MFN (Most Favored Nation) duty.
Today (Section 301): The duty sets an overall ceiling of 10%. A practical example: Export of an industrial compressor (MFN duty: 4.2%)
As of yesterday (Section 122): 4.2% (MFN) + 10% (Additional) = 14.2% total duty
From today (Section 301): 4.2% (MFN) + 5.8% (Supplementary) = 10% total duty. And for products with MFN duty already higher than 10%? The additional Section 301 duty is 0% (only the base duty applies).
Compared to both Section 122 and the previous IEEPA reciprocal duties (which set the ceiling at 15%), the measure that came into force today guarantees a significant reduction in import costs on the American market.