A former staffer in the Office of the U.S. Trade Representative during President Donald Trump's first term and a Harvard professor agreed on very little in a debate hosted by The Federalist Society on Trump's tariffs and trade policy.
President Donald Trump thinks that by applying a 25% tariff to auto part imports, domestic parts companies will thrive. But 77% of the nearly 1,000 auto supplier companies that belong to MEMA are pessimistic about the next year for their businesses -- and 55% said that government trade policy is the No. 1 threat to financial health.
President Donald Trump criticized business officials who have said his tariffs actions are damaging, bragged about countries and executives asking for breaks, and made a list of non-tariff cheating he wants countries to end, all on social media over the weekend.
Vice President JD Vance issued a statement that said he and Indian Prime Minister Narendra Modi "welcomed significant progress in the negotiations for a U.S.-India Bilateral Trade Agreement (BTA) and formally announced the finalization of the Terms of Reference for the negotiations, laying down a roadmap for further discussions about our shared economic priorities."
Tariff policy has been changing so rapidly that CBP hasn't been able to dot all the i's and cross the t's before entries are subject to the new rules, and that's putting brokers in limbo at times, the customs committee chair for the National Customs Brokers & Forwarders Association of America told an audience of brokers at NCBFAA's national conference this week.
House Democrats, left and center, introduced a bill that would roll back all the tariffs imposed under the International Emergency Economic Powers Act -- 10% global tariffs and those on Canada and Mexico -- and would require that most tariffs, quotas, tariff rate quotas or concessions receive approval from Congress before going into effect.
The pause on higher country-specific reciprocal tariffs for all covered countries except China took effect just after midnight on April 10, CBP said in a CSMS message.
The most unwavering defenders of President Donald Trump's "reciprocal tariffs" policy -- including House Ways and Means Committee Chairman Jason Smith, R-Mo. -- were a bit undercut during a four-hour hearing on the president's trade agenda, because Trump reacted to Treasury market volatility and backed down.
The decline of U.S. commercial shipbuilding -- and the fact that it's not cost-competitive with Japanese and South Korean shipbuilding -- must be rectified, the administration said, but the precise details of how that can be accomplished are yet to be determined.
Only 13 hours after reciprocal tariffs of 11% to 84% began, President Donald Trump said he is pausing the higher country-specific tariffs for 90 days -- except for China, whose total emergency tariff will go from 104% to 125%, according to a White House spokesperson. The baseline additional 10% tariff -- which applies to nearly all countries, but not Mexico and Canada -- remains in place.