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.
After a resolution to roll back the tariffs on Canada passed the Senate, Senate Democrats and Sen. Rand Paul, R-Ky., are pushing for a similar vote to end reciprocal tariffs and a global 10% tariff, as are 26 Democrats in the House.
Republicans on the Senate Finance Committee mostly stood by President Donald Trump's dramatic tariff moves, though many emphasized that the result should be lower non-tariff barriers for U.S. agricultural exports, not a permanent tariff wall around the U.S. economy.
An exemption from reciprocal tariffs for goods in transit on the tariffs’ effective dates of April 5 and April 9 will only apply to goods entered before May 27, CBP said in a CSMS message providing additional guidance on the tariffs.
The reciprocal tariff on China will be set at 84% when it takes effect at 12:01 a.m. tonight, said CBP in an emailed CSMS message. That reflects an additional 50% tariff announced by President Donald Trump in response to Chinese retaliatory tariffs, on top of the 34% initially set for China.
The European Commission has proposed 25% retaliatory tariffs on some U.S. goods in response to the tariffs on steel and aluminum President Donald Trump imposed last month (see 2503120042), according to a document seen by Reuters, the news service reported April 7.
White House Council of Economic Advisers Chair Stephen Miran is defending the formula used to impose reciprocal tariffs -- taking the trade deficit, dividing it by the amount of exports to a country, and dividing the result in two.
President Donald Trump declared that if China doesn't withdraw its 34% retaliatory tariff hike, "above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th. Additionally, all talks with China concerning their requested meetings with us will be terminated! Negotiations with other countries, which have also requested meetings, will begin taking place immediately. Thank you for your attention to this matter!"
A recent rise in tariffs, export controls and other trade actions will lead to rising prices in semiconductor supply chains, said Sree Ramaswamy, former senior adviser to former Commerce Secretary Gina Raimondo.
Ahead of a long night of amendment votes on budget instructions to renew President Donald Trump's tax cuts, Democratic senators highlighted amendments that will say that new tariffs should expire if they raise prices on groceries, new houses and other goods. Those amendments, even if they gain a majority, do not actually change the laws that allowed the tariffs to be levied.