With 25% tariffs on Canadian and/or Mexican goods hanging like a sword of Damocles over importers' heads, some are rushing to bring their goods in before Saturday, some are getting ACH set up for electronic transfer of payment to CBP -- and some are doing absolutely nothing.
A bipartisan bill has been introduced in the House that would require that the minimum tariff charged on Chinese goods be 35%, that tariffs higher than 35% in Column 2 of HTS be applied to some Chinese imports, 100% tariffs on hundreds of items on the Section 301 target list, and that the bound rates for U.S. tariffs, as declared at the World Trade Organization, should be changed to Column 2 for all countries.
North America trade expert Dan Ujczo, from Thompson Hine, was expecting 25% tariffs on Canada and Mexico to begin Jan. 20.
Former Pennsylvania Sen. Pat Toomey, who voted against USMCA because he felt it moved too much in the direction of managed trade, told an audience at a Council on Foreign Relations event Jan. 23 that, despite all of his talk of tariffs, "a lot of folks will be surprised at the extent to which President [Donald] Trump will pursue broad, aggressive tariffs."
When the House Ways and Means Committee asked all House members for their opinions on what should belong in the tax cut bill the Republicans are shaping, Rep. Andy Barr, R-Ky., used the opportunity to talk about both taxes and trade.
Three Senate Democrats have introduced a bill to remove the president's ability to impose tariffs under the International Emergency Economic Powers Act, a companion bill to one introduced in the House, which also only had Democratic sponsors (see 2501160069).
President Donald Trump railed against the trade stance of the European Union, as he often has, as he talked about tariffs and trade deficits with reporters as he signed executive orders on the first day of his second term.
On his first day in office, the president directed the heads of agencies that deal with trade, tariff collection and trade remedies to:
President Donald Trump told reporters that his administration is still thinking of imposing 25% tariffs on both Mexican and Canadian goods "because they're allowing vast numbers of people -- Canada's a very bad abuser also -- vast numbers of people to come in, and fentanyl to come in. I think we'll do it February 1st."
The Office of the U.S. Trade Representative concluded that China's intervention in its shipbuilding and logistics sectors -- and its plans for dominance in shipbuilding -- unreasonably burden and restrict U.S. commerce.