President Donald Trump said that he will "probably" say more about the scope of tariffs on cars "on April 2, but it'll be in the neighborhood of 25%," in response to a question at a press conference Feb. 18.
The European Commission knocked down reporting that it is ready to drop its 10% tariffs on autos, and defended the pattern of trade between the EU and the U.S. in a FAQ document on the concept of reciprocal tariffs.
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The fact that the White House reciprocal tariff memo covers far more than tariffs gives the administration a great deal of leeway to impose tariffs on even trading partners like Canada, Mexico and South Korea that have virtually no tariffs on U.S. exports.
The reciprocal tariffs that the U.S. intends to levy on imports -- which could be announced as soon as April 2 -- may not be a one-for-one match of the tariff rate of another country for that product. Rather, they could take into account wage suppression, exchange rate management, "mercantilist policies," non-tariff barriers, value-added tax and extraterritorial taxes.
President Donald Trump's chief spokesman from his first term said that half-baked orders from the White House -- like an order to end de minimis for Chinese goods that CBP was not ready to implement -- is in part a result of Trump's memories of his staff trying to slow-walk and stop his tariff ideas.
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.
Jamieson Greer, Trump's pick to be U.S. trade representative, told Sen. Bernie Sanders, I-Vt., that he will make sure that the appropriateness of the 2.5% tariff on cars is reviewed as part of the sunset review for USMCA. Sanders, the most famous leftist in the Senate, had pointed out in his written questions that 2.5% is not high enough to convince all Mexican exporters to follow USMCA rules of origin.
In the fourth week of the second Trump administration, businesses awaited the details of what a reciprocal tariff approach could be -- and how fast the tariff schedule could be altered to have a different rate for every product that the U.S. exports to countries at a higher rate than the U.S. most-favored nation rate.
President Donald Trump, speaking to reporters on Air Force 1 on Feb. 9, said he will impose 25% tariffs on steel and aluminum from all countries. Most countries' aluminum is currently subject to 10% tariffs, with Canada and Mexico exempted from Section 232 steel and aluminum duties. He did not say when the tariff changes would take effect.