Trade attorneys continue to wait and wonder what kind of tariff changes will come next year, with one observer using a tariff slide that said "Tariff Armageddon."
House Select Committee on China Chairman Rep. John Moolenaar, R-Mich., proposes increasing tariffs on nearly all Chinese goods to at least 35% and raising tariffs on "strategic goods" to 100%, with exceptions only for goods that are currently sourced only from China.
NEW YORK -- Tyler Beckelman, a Commerce deputy assistant secretary who also sits on the interagency Forced Labor Enforcement Task Force, told a garment industry audience that the Biden administration still intends to issue a notice of proposed rulemaking on de minimis "before we all turn into pumpkins on Jan. 20."
President Joe Biden is imposing Section 201 safeguard remedies on imports of fine denier polyester staple fiber (PSF), he said in a Nov. 8 proclamation. The action creates an absolute quota of fine denier PSF that can enter the country under temporary importation under bond (TIB). The safeguard takes effect Nov. 23, and the quota starts at zero.
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A past trade staffer from the Senate Finance Committee said that if Congress wanted to write tariffs into law in order to use that revenue as a partial pay-for in tax cut extensions, those tariffs would likely wait until January 2026, as that's when the tax laws would take effect.
The CEO of footwear company Steve Madden expects to reduce its imports from China and increase sourcing from other regions to hedge against proposed punitive tariffs on China by President-elect Donald Trump.
Uncertainties over labor negotiations affecting U.S. East Coast and Gulf Coast ports, plus concerns over tariffs proposed by President-elect Donald Trump (see 2411060037), could result in a higher volume of U.S. imports in the coming weeks, the National Retail Federation said Nov. 8.
In less than three months, President Donald Trump will be back in the White House, after a campaign during which he floated 10% or 20% tariffs on all countries except China, which would be hit with an additional 60 percentage points on top of current tariffs.
Proposed new tariffs will negatively affect American consumers, the American Apparel and Footwear Association said in a news release Nov. 6 reacting to the results of the U.S. presidential and congressional elections. President-elect Donald Trump says he will increase tariffs on goods coming into the country.