The EU chairman of the Committee for International Trade and a former U.S. trade representative predicted that the trade dispute between the U.S. and the EU is unlikely to subside soon due to "fundamental disagreements" over economic policy.
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 White House published its annex of steel derivative items that will be subject to Section 232 tariffs once CBP is ready to collect tariff revenue on those items.
The White House published the annex listing aluminum derivatives that will face additional Section 232 tariffs of 25%, as well as the annex with the steel derivatives that will face 25% tariffs (except derivatives from Turkey, which will see 50% tariffs. Turkey's exports of the original steel products covered by Section 232 are not subject to 50% tariffs, however.)
The following lawsuits were filed at the Court of International Trade during the week of Feb. 3-9:
Importers appear to be clamoring for more clarity over how CBP could potentially process imports of steel and aluminum derivatives in response to President Donald Trump’s executive orders earlier this week calling for 25% tariffs on steel and aluminum (see 2502110004).
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 recent expansion of Section 232 steel and aluminum tariffs likely would survive a judicial challenge, particularly in light of the string of cases challenging the Section 232 duties imposed during his first term, trade lawyers told us. Thomas Beline, partner at Cassidy Levy, said Trump's move to eliminate the country-specific arrangements and product exclusions is "likely defensible," since the statute lets the president take any action he deems necessary where an agreement is "not being carried out or is ineffective."
Correction: A story in the Feb. 10 International Trade Today incorrectly stated that goods on the water would have an earlier March date for Section 232 tariffs to apply (see 2502100011). A White House spokesman incorrectly described the timing of the action. The effective date is actually March 12.
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