President Donald Trump told reporters that his administration plans to put tariffs on oil and gas, and on items related to semiconductor chips and pharmaceuticals, and he gave more details about previously threatened tariffs on steel, aluminum and copper.
President Donald Trump told reporters that there are no concessions Mexico, Canada or China could make to avoid tariffs on Feb. 1, which he wants to use to punish them for trade deficits, fentanyl trafficking, and, in the case of Canada and Mexico, migration across their borders.
European Parliament members this week probed the EU’s new trade commissioner about how he’s handling President Donald Trump’s tariff threats, with some members calling on the EU to prepare for retaliation.
Importers should be prepared for uncertainty when it comes to the specifics on tariffs and have plans in place to adjust supply chains and tariff classifications accordingly, lawyers said in webinars by Deringer on Jan. 29 and Barnes & Thornburg on Jan. 30.
President Donald Trump, in response to a question from a reporter at the White House, said 25% tariffs on Canada and Mexico are coming on Feb. 1, on Saturday.
President Donald Trump told a reporter at the White House that a 25% tariff on Mexican and Canadian goods "is coming on Saturday." When the reporter asked if oil would be excluded, Trump replied, "I didn't say that. We're going to make the determination probably tonight, on oil."
Lack of coordination between the U.S. and the EU on trade policy will make it tougher to confront the economic threat posed by China, experts warned at a conference co-hosted by the Peterson Institute for International Economics.
Freshman Rep. Riley Moore, R-W.Va., introduced a bill called the U.S. Reciprocal Trade Act with eight other House Republicans, a proposal first introduced by former Rep. Sean Duffy, R-Wis., in 2019 (see 1901160012) along with a Senate companion bill by Sen. Lindsey Graham, R-S.C., and former Sen. Joe Manchin of West Virginia (see 1908090034).
Rep. Greg Murphy, R-N.C., reintroduced a bill to disallow the use of de minimis entry for packages that include goods subject to Section 301 tariffs. The bill passed the House Ways and Means Committee in 2024 (see 2404180068). Murphy said in a Jan. 28 news release that two-thirds of de minimis imports are from China. "By updating our De Minimis law, we are creating a fairer playing field for American businesses to compete and ending abuse by Chinese companies," he said.
Commerce secretary nominee Howard Lutnick vigorously defended the prospect of imposing tariffs on all goods from places like the EU, Japan or South Korea during his confirmation hearing Jan. 29, saying those countries deserve it, as they either use food safety rules to protect their farmers, put up barriers to American car imports, or undercut American manufacturing with their exports of manufactured goods.