President Donald Trump reacted angrily to China's plan to expand export restrictions, including when rare earths are in products made abroad (see 2510090021. In a social media post that seemed to trigger a 2.7% drop in the S&P 500, he wrote, "Dependent on what China says about the hostile 'order' that they have just put out, I will be forced, as President of the United States of America, to financially counter their move. For every Element that they have been able to monopolize, we have two."
A week after CBP instructed vessel operators how to pay fees under a Section 301 shipping action, and four days before those fees are due, the Office of the U.S. Trade Representative changed the fee structure.
Sen. Ron Wyden, D-Ore., said he participated this week in the reintroduction of a resolution to terminate the reciprocal tariffs emergency because "that's one of the keys to holding down costs. The President said that was his top priority, and he basically has run as aggressively and quickly as he could to get out from under it. And what we're doing, in a bipartisan way, is saying: If you're serious about holding down costs, you have to go out and fix these horrible tariffs that are jacking up costs all over."
The sunset review of USMCA was designed to provide certainty to businesses, since even if one country says it doesn't think the trade pact should continue at the six-year mark, consultations continue for 10 years.
President Donald Trump is suspicious of continuing a free-trade agreement with Canada and Mexico, according to a person who was a top trade official during the president's first term.
There is a directive from President Donald Trump to quickly land deals in steel, aluminum and energy, according to Canadian Trade Minister Dominic LeBlanc, who spoke to Canadian reporters in the late afternoon Oct. 7, after a White House visit accompanying Prime Minister Mark Carney.
Mexican media reported that President Claudia Sheinbaum said in her daily press conference that Mexico will try to get an exemption from the announced 25% tariff on medium- and heavy-duty trucks.
Sen. Bernie Moreno, R-Ohio, in trying to elaborate on the "significant tariff relief" he said was coming for domestic car production, said that the administration is considering how to "open the aperture" of how you use the 3.75% offset of tariffs available for autos assembled between April 3 and May 1, 2026.
The Industry Alliance for Trade EnforcementNOW, a new coalition, is asking the administration and Congress to make changes in trade enforcement to aid domestic manufacturers.
Sen. Rick Scott, R-Fla., asked Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer to expand trade actions started with the Section 232 investigation on pharmaceuticals, so that they cover generic drugs and the active pharmaceutical ingredients and key starting materials in those medicines.