Officials from Squire Patton Boggs said that if Donald Trump returns to the presidency, a 10% tariff or higher on a vast swath of imports could come very quickly, but what wouldn't be subject to the tariffs is not yet clear.
Donald Trump, in a lengthy interview with Bloomberg's editor-in-chief, tripled down on his tariff policy, calling the word tariff "the most beautiful word in the dictionary," and saying that his plan of a 10% tariff on all non-Chinese imports is not nearly enough to reverse factory closures.
President Donald Trump will be receptive to Sen. Bill Cassidy's proposal to impose a carbon border tax, predicted Dave Banks, a former energy and environment expert in the National Economic Council and National Security Council during the first Trump term.
Trade groups representing corn and soybean farmers say that if Donald Trump imposes 60% tariffs on Chinese imports, as he has promised to do if re-elected, it would devastate their exports to China.
The strong differences in tariff and immigration policies whether Donald Trump or Kamala Harris wins the election made it difficult for a think tank's economic outlook, but Alejandro Werner, a senior fellow at the Peterson Institute for International Economics, said that Mexico will have a slow-down in foreign investment over the next couple of years because of "the uncertainty associated with the continuation of the USMCA regardless of who wins the election."
Think tank scholars from Cato Institute, a libertarian organization, say the best chance for preventing a 20% tariff on all non-Chinese imports and a 60% tariff on Chinese imports is for Congress to curtail the executive's power to impose tariffs during the upcoming lame-duck session.
U.S. Trade Representative Katherine Tai, in responses to Senate Finance Committee members, talked about changes needed in USMCA, declined to endorse a permanent e-commerce tariff moratorium and called for more money for CBP, to address Section 301 tariff circumvention.
Rep. Jared Golden, a Maine Democrat representing a district with a majority of Donald Trump voters, has introduced a bill to impose a blanket 10% additional tariff on all imports, an echo of Trump's original proposal. The former president later said he might impose a 20% tariff on those imports.
Texas-based syringe importer Retractable Technologies took to the Court of International Trade to contest the 100% increase of Section 301 tariffs recently imposed on needles and syringes from China. The complaint is seeking a temporary restraining order and a preliminary injunction against the duties, claiming that the tariffs could send the company out of business (Retractable Technologies v. United States, CIT # 24-00185).
Rep. Jodey Arrington, R-Texas, a member of the House Ways and Means Committee and chairman of the Budget Committee, recently introduced a bill that would allow the administration to impose Section 301 tariffs on goods made outside of China if they are made by Chinese firms.