NY Fed Finds Apparent Narrowing of U.S.-China Trade Deficit Largely Attributable to $10 Billion of Duty Evasion
By EsqSocial Corporation 24/06/21
Tariff evasion has been a growing problem for years, but the scale of the problem has reached unprecedented levels. Economists at the Federal Reserve Bank of New York and Board of Governors of the Federal Reserve System recently found that “much of the decline” in the U.S.-China trade deficit was due to duty evasion schemes. While U.S. trade data appeared to show a narrowing of trade volume between China and the United States, the analysis proposes that this narrowing is overstated due to U.S....
By: Wiley Rein LLP