President-elect Donald Trump tweeted a threat on Nov. 30 that he had earlier made on the campaign trail -- that he will impose 100% tariffs on exports from countries who try to create a workaround to trading in dollars, the world's reserve currency.
If President Trump were to impose 25% tariffs on all Mexican and Canadian imports, because he believes those countries are not doing enough to stop migration and drug trafficking, no industry would be hurt more than the auto industry.
CBP upheld its decision that China as the country of origin for an unnamed company's stainless steel sinks, according to a recent ruling.
The former chief of staff to then-U.S. Trade Representative Robert Lighthizer has been chosen for USTR in Donald Trump's second administration.
The exclusion process for Section 301 tariffs was understandable in one regard -- requests for goods linked to China's technology supremacy strategy known as Made in China 2025 were less likely to be successful.
Despite looming geopolitical and labor uncertainties, freight markets are appearing to hold steady, trade industry executives told International Trade Today. But President-elect Donald Trump's announcement this week of plans to levy a 25% tariff against Mexico and Canada and increase by 10% the tariffs on Chinese goods (see 2411260012) could propel the freight markets into a frenzy should importers try to rush to get cargo in before the tariffs are implemented.
International Trade Today is providing readers with the top stories from last week in case they were missed. All articles can be found by searching on the titles or by clicking on the hyperlinked reference number.
The Court of International Trade ruled Nov. 26 that it has jurisdiction over all denied protests of CBP detention decisions -- even if the government claimed that the Drug Enforcement Administration, not CBP, chose to make the seizure. CBP has the final authority over all detentions, making all detentions protestable under U.S. law, CIT Judge Timothy Reif held in his opinion.
President-elect Donald Trump will most likely either turn to the International Emergency Economic Powers Act (IEEPA) or Section 301 of the Trade Act of 1974 to impose his recently announced tariffs on Canada, Mexico and China, said trade lawyers interviewed by Trade Law Daily. Though much remains unknown about how Trump will impose these tariffs, the president-elect may turn to the two broad statutes to impose the tariffs to accomplish his stated goals of curbing the flow of migrants and fentanyl into the U.S.
Customs brokers expressed concern about a 25% tariff on Mexico and Canada and a 10% additional tariff on China that President-elect Donald Trump announced in a Nov. 25 Truth Social post, citing uncertainties about how U.S. importers would be able to afford bond stacking and if they would be liable financially for the imports, among other issues.