US-Hungary Trade Agreement on Steel Products
The United States and Hungary have reached a new trade agreement focusing on steel products under HS Code categories, including items with width less than four times the thickness, to reduce tariffs and improve market access.
2023-10-15
Impact: This agreement is expected to boost bilateral trade by lowering costs for US importers of Hungarian steel products and vice versa, potentially increasing trade volume by 10% in this category.
Hungarian Steel Exports to US Face Temporary Quota Restrictions
Due to concerns over market saturation, the US has imposed temporary quotas on Hungarian steel imports, including products with width less than four times the thickness, under specific HS Codes.
2023-09-01
Impact: This quota may limit Hungarian exports in the short term, potentially reducing trade volume by 5-7% until negotiations for a long-term solution are finalized.
US Increases Scrutiny on Hungarian Steel Imports for Compliance
US Customs has announced stricter compliance checks on Hungarian steel imports under HS Code classifications, focusing on accurate reporting of dimensions such as width less than four times the thickness.
2023-08-20
Impact: Increased scrutiny could lead to delays in customs clearance, potentially affecting supply chains and increasing costs for importers by 3-5% due to administrative hurdles.
