Scott Bessent, President-elect Donald Trump's nominee for treasury secretary, told the Senate Finance Committee that they should think about how tariffs will be deployed by thinking of three categories.
Senate Majority Leader John Thune, R-S.D., said that senators are starting to have conversations about what incoming President Donald Trump might do on tariffs, and said, "We'll work through that."
The Coalition for a Prosperous America, a Trump-aligned advocacy group on trade, slammed what it called an 11th-hour rule (see 2501130006) to create an enhanced entry process, which would replace the Type 86 test.
Kevin Brady, who led the House Ways and Means Committee when Congress passed the Trump tax cut package, told reporters that Washington insiders expect "the [next Trump] administration will reinstate [Section] 301 investigations" that were begun when countries moved to collect digital services taxes from U.S. tech firms.
Auto sector manufacturers and importers will have 425 days to cut Chinese software that enables automated driving systems or enables a vehicle to connect to the outside world at a frequency above 450 MHz from their supply chains, according to a final rule from the Bureau of Industry and Security set to be published Jan. 16.
CBP proposes to replace the Type 86 process for low-value packages with an "enhanced entry process," requiring a few more data elements than the 10 currently required. Like the Type 86 test, and providing the additional data in exchange for quicker release will continue to be voluntary.
Textile industry representatives questioned the logic of the Section 301 investigation on Nicaragua's human rights and labor rights violations, arguing that while they deplore the despotism of Nicaragua's leaders, none of the actions burden or restrict U.S. commerce. Rather, if the government were to decide that Nicaragua's violations merited the withdrawal of tariff benefits for its apparel exports, that action is what would burden U.S. commerce.
House Ways and Means Committee Chairman Jason Smith, R-Mo., knocked down speculation that tariffs could be part of a tax-cut package in order to offset the costs of extending or expanding individual and business tax cuts passed eight years ago (see 2411120026).
Senate Finance Committee Chairman Mike Crapo, R-Idaho, said his trade priorities for the next two years are supporting the negotiation of comprehensive free trade deals that expand market access for American producers, supporting the negotiation of digital trade rules and intellectual property protections, and reauthorizing key trade programs.
Rep. Morgan Griffith, R-Va., introduced House Resolution 2 this week, to create a Joint Ad Hoc Committee to design a plan where the functions and responsibilities of the Office of the U.S. Trade Representative would be moved to the legislative branch, since the Constitution gives the power to regulate trade to Congress.