A free-trade senator shrugged off President-elect Donald Trump's promise to put 25% tariffs on all Canadian and Mexican goods, Canadian politicians scurried to convince Trump it can satisfy his demands, and Mexico's president alternately scolded and offered cooperation to the president-elect.
President Joe Biden nominated Jim Coughlan, the Export-Import Bank's general counsel, and Haile Craig, a Republican nominee, for the International Trade Commission on Nov 21.
President-elect Donald Trump posted on Truth Social that he will impose a 25% tariff on all Mexican and Canadian goods through an executive order on Jan. 20, and the tariff will stay "until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country! Both Mexico and Canada have the absolute right and power to easily solve this longtime problem. We hereby demand that they use this power, and, until such time that they do, it is time for them to pay a very big price!"
President-elect Donald Trump's Treasury Secretary nominee, hedge fund CEO Scott Bessent, has talked about tariffs as a way to "escalate to de-escalate," with the goal of "getting rid of all the tariffs."
As the leaders of some Canadian provinces have said their country should cut its own deal with the incoming Trump administration because Mexico hasn't aligned with the U.S. to keep Chinese electric vehicles out of its market, the new Mexican President Claudia Sheinbaum told reporters that it's nothing to worry about.
Although some trade attorneys have been worrying that a Trump administration will discourage a Republican Congress from bringing back Generalized System of Preferences program tariff breaks for developing countries, members of the House Ways and Means Committee did not endorse that point of view.
President-elect Donald Trump’s selection of billionaire businessman Howard Lutnick to be Commerce secretary (see 2411190036) drew mixed reaction on Capitol Hill this week.
Trump transition team members may have already drafted an executive order hiking tariffs on Chinese imports, said Peterson Institute for International Economics fellow Mary Lovely, during a webinar moderated by former European commissioner and now PIIE fellow Cecilia Malmstrom.
Members of the House Ways and Means Committee majority, who will lead the extension or expansion of the first Trump term income tax cuts, are expressing some hesitancy about using tariffs as a pay-for.
President-elect Donald Trump will nominate billionaire businessman Howard Lutnick to be Commerce Department secretary, Trump announced Nov. 19. "He will lead our tariff and trade agenda, with additional direct responsibility for the Office of the United States Trade Representative," Trump said in a statement.