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CITA to apply 5% tariff on cotton socks from Honduras
05 May '08
3 min read
The United States concluded that a 5 percent tariff on Honduran cotton socks will provide additional, temporary relief to domestic sock manufacturers. It is estimated that the duties collected during the six-month period of the safeguard will exceed the total duties collected on socks imported from Honduras during the five-year period 2003-2007.
Honduras is the second-largest supplier of cotton socks to the United States after Pakistan and ahead of China. Imports of cotton socks from Honduras were 27.3 million dozen pairs through the first eleven months of 2007, an increase of 99 percent from the same period in 2006.
Overall U.S. exports to CAFTA-DR partners increased more than 14 percent in 2007 over 2006. CAFTA-DR contains a special textile safeguard that allows the United States to temporarily re-impose tariffs on imports of apparel if they cause serious damage, or threat thereof, to American manufacturers. Based on available information, in Aug. 2007, CITA initiated a safeguard proceeding covering imports of Honduran cotton, wool, and man-made fiber socks. Today, after a thorough investigation and consultation with the Government of Honduras, CITA announced that the United States would re-impose a 5 percent tariff on Honduran cotton socks from July 1 to Dec 31, 2008.
Honduras is the second-largest supplier of cotton socks to the United States after Pakistan and ahead of China. Imports of cotton socks from Honduras were 27.3 million dozen pairs through the first eleven months of 2007, an increase of 99 percent from the same period in 2006.
Overall U.S. exports to CAFTA-DR partners increased more than 14 percent in 2007 over 2006. CAFTA-DR contains a special textile safeguard that allows the United States to temporarily re-impose tariffs on imports of apparel if they cause serious damage, or threat thereof, to American manufacturers. Based on available information, in Aug. 2007, CITA initiated a safeguard proceeding covering imports of Honduran cotton, wool, and man-made fiber socks. Today, after a thorough investigation and consultation with the Government of Honduras, CITA announced that the United States would re-impose a 5 percent tariff on Honduran cotton socks from July 1 to Dec 31, 2008.
CITA - Committee for the Implementation of Textile Agreements
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