Rep. Rosa DeLauro, D-Conn., and Sen. Elizabeth Warren, D-Mass., are asking the Trump administration to share more information about their negotiations with countries after the president imposed emergency tariffs on every country.
A bill being considered in the House Ways and Means Committee that would extend Trump tax cuts that would otherwise expire at the end of the year is looking to international trade to pay for part of the cost of income tax reductions. The bill also adds new tax breaks, such as on overtime pay and tips.
President Donald Trump, at a press conference May 12, told reporters that he told leaders from Pakistan and India that if they didn't stop bombing each other, he'd stop imports from their countries.
President Donald Trump touted his plan to get foreign health purchasers to pay more for pharmaceuticals, and U.S. consumers to pay less, as he signed an executive order seeking to equalize those prices.
The Trump administration is leaving 20% tariffs levied in response to fentanyl smuggling in place, while reducing what had been 125% reciprocal tariffs to just 10%, the same as all reciprocal tariffs globally.
Rep. Jamie Raskin, D-Md., and Senate Minority Leader Chuck Schumer, D-N.Y., are teaming to introduce a bill called the Truth in Tariffs Act.
The only two countries in the world whose trade deals with the U.S. are still being honored are Mexico and Canada, a Mexican trade expert said, meaning the impact of fentanyl tariffs, steel and aluminum Section 232 tariffs, and auto and auto parts tariffs on Mexico's exports to the U.S. is not as dramatic as initially feared. Still, nearly 30% of the $505.9 billion in goods exported to the U.S. last year would face 25% additional tariffs now, either because the goods are subject to a Section 232 action, or they are goods that cannot meet USMCA rules of origin, an expert said.
The 10% tariff on the first 100,000 autos exported annually from the U.K. will be "all-in," according to the Office of the U.S. Trade Representative. CBP couldn't clarify whether that would be done by removing most favored nation duties on U.K. autos and then applying a 10% tariff rate, or whether the additional tariff rate for in-quota autos would be 7.5%.
A U.S.-U.K. trade deal announced in the Oval Office leaves the average tariff on U.K. goods at 10%; however, aerospace engines and parts will enter duty-free.
Under aggressive questioning from Rep. Ayanna Pressley, D-Mass., Treasury Secretary Scott Bessent said that exempting tariffs on car seats, cribs, high chairs and other essential baby items "is under consideration."