US-Luxembourg Trade Agreement Boosts Automotive Parts Sector
A recent bilateral trade agreement between the US and Luxembourg has reduced tariffs on automotive parts, including engines of a cylinder capacity between 1,000 cc and 1,500 cc (HS Code: 8407.32). This has led to a 15% increase in exports from Luxembourg to the US in this category.
2023-10-15
Impact: Positive impact on trade with reduced tariffs facilitating higher export volumes from Luxembourg to the US, potentially increasing market competitiveness.
US Imposes Temporary Quota on Engine Imports from Luxembourg
The US Department of Commerce introduced a temporary quota on engine imports under HS Code 8407.32 from Luxembourg to protect domestic manufacturers, limiting imports to 10,000 units for the remainder of the year.
2023-09-01
Impact: Negative impact on Luxembourg exporters as the quota restricts the volume of engines (1,000-1,500 cc) that can enter the US market, potentially leading to oversupply in Luxembourg.
Luxembourg Engine Manufacturers Gain US Market Access
A trade expo in Luxembourg showcased advanced engine technologies (1,000-1,500 cc) under HS Code 8407.32, leading to new contracts with US distributors and a projected 20% growth in trade volume for this category.
2023-07-20
Impact: Positive impact on trade as new business deals are expected to increase exports to the US, strengthening economic ties in the automotive sector.
