The European Parliament on Wednesday decided to put on hold approval of the trade deal between the European Union (EU) and the United States following U.S. threats of tariffs linked to Greenland.
Bernd Lange, chair of the European Parliament's International Trade Committee, said in a statement that the Parliament would suspend work on two legislative proposals related to the deal given the continued and escalating threats, including tariff threats, against Greenland and Denmark.
Under the EU-U.S. trade deal hammered out last July, the European Union would suspend tariffs on all U.S. industrial products and introduce tariff-rate quotas for a wide range of U.S. agri-food products entering the EU market. In return, the United States would apply a 15-percent import tariff on most EU goods. The European Commission subsequently published two legislative proposals aimed at implementing certain tariff aspects of the agreement.
European Parliament puts EU-US trade deal on hold over Greenland tariff threats
Chinese authorities are set to open duty-free shops each at 41 listed ports of entry to the country, including airports, sea ports and land border crossings, aiming to facilitate tax-free shopping for inbound travelers.
Five government departments, including the Ministry of Finance, made the announcement on Wednesday. They defined port-of-entry duty-free shops as stores located within the restricted zones of airports, sea ports or land border crossings. Spread across the country, these stores will only offer duty-free goods to inbound international passengers.
Analysts say the move will boost consumption and promote the sustained growth of the duty-free retail sector.
Beyond China's natural scenery and cultural appeal, shopping in the country is becoming an increasingly integral part of international tourists' travel itineraries. China has also been expanding its visa-free entry policies and refining tax-refund-upon-departure services for international tourists in recent years.
China to opens 41 new entry-port duty-free shops
