A recent bilateral trade agreement between the United States and Kuwait has reduced tariffs on hybrid vehicles (HS Code: 8703.80), which include vehicles with both spark-ignition internal combustion piston engines and electric motors. This has led to a 15% increase in US exports of such vehicles to Kuwait in the last quarter.
2023-10-15
Impact: Positive impact on trade with increased export opportunities for US manufacturers of hybrid vehicles to Kuwait due to lowered tariffs.
Kuwait Increases Demand for US-Made Hybrid Vehicles
Kuwait's push for sustainable transportation has resulted in a surge in demand for hybrid vehicles from the US. Imports of vehicles under HS Code 8703.80 have risen by 20% year-over-year as part of Kuwait's green energy initiatives.
2023-09-20
Impact: Significant positive impact on US exporters, with growing market access in Kuwait for hybrid vehicles, strengthening trade ties.
Supply chain disruptions and port delays have temporarily affected the trade of hybrid vehicles (HS Code: 8703.80) between the US and Kuwait. Shipments have faced delays of up to two weeks, impacting delivery schedules.
2023-08-05
Impact: Negative short-term impact on trade due to logistical bottlenecks, potentially affecting contract fulfillment and costs for US exporters.
Policy Updates
US-Kuwait Tariff Reduction on Hybrid Vehicles
The US and Kuwait finalized a tariff reduction policy for hybrid vehicles under HS Code 8703.80, lowering duties by 10% to promote cleaner transportation technologies. This policy aims to encourage trade in environmentally friendly vehicles.
Date: 2023-10-01
Kuwait Introduces Import Incentives for Hybrid Cars
Kuwait's Ministry of Commerce announced new incentives for importing hybrid vehicles (HS Code: 8703.80), including tax rebates for importers, as part of its national sustainability goals. This policy is expected to boost imports from the US.
