President-elect Donald Trump's hard-line trade stance expressed throughout his campaign is seen by some as more of a negotiating tactic than a clear indicator of likely policy changes. While scholars still wonder how Trump would react if such talks don’t meet his goals, there's much debate as to what authority the president has to enact many of the Trump campaign promises. Among other things, Trump has said the U.S. should renegotiate NAFTA (see 1611100040), collect up to 45 percent tariffs to counter alleged Chinese currency manipulation (see 1601150029), and raise tariffs on companies that move operations overseas, withdrawing from the World Trade Organization if it disapproves of that policy (see 1607260043). Withdrawing from the WTO seems the least likely of those proposals, but a greater effort to engage China from a Trump administration is especially likely, observers said.
Section 232 Tariffs
The United States currently maintains a 25% tariff on steel imports and 10% on tariff on aluminum imports under Section 232 of the Trade Expansion Act of 1962. In 2018, the Trump administration imposed Section 232 Tariffs on steel and aluminum imports into the United States, citing national security concerns. The U.S. agreed to lift tariffs on Canada and Mexico after the signing of the United States-Mexico-Canada Agreement (USMCA), and reached deals with the European Union, Japan and other countries to replace the tariffs with quotas for steel and aluminum imports into the U.S.
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