A regional union president for CBP officers asked Congress "to close the de minimis exception" or at least lower the de minimis threshold, but also to increase funding for frontline staff.
U.S. Trade Representative Katherine Tai told podcast hosts at Bloomberg News that the U.S. and other countries that lost manufacturing jobs as China ramped up its exports from 2000 to 2019 are saying: "We will not tolerate, we cannot tolerate a China Shock 2.0."
Former President Donald Trump, at a campaign rally over the weekend in Wisconsin, said he would impose a 100% tariff on goods from countries that "leave the dollar."
A survey of large American-headquartered multinationals -- 40% of which capture more than $1 billion in revenue from Chinese operations -- found as one of their top concerns the rising competitiveness of Chinese companies, whether from subsidization or business advances, or a combination of those factors.
National Security Adviser Jake Sullivan told China's foreign minister that the U.S. is still concerned about the Chinese government's "unfair trade policies and non-market economic practices," according to a White House readout that focused more on military and law enforcement issues than trade.
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Princeton University professor Aaron Friedberg, who serves on the U.S.-China Economic and Security Review Commission, says his recent Foreign Affairs essay on addressing Chinese exporting ambitions is an effort to put forward a vision of what "we want the global economy to actually look like," something he says has been missing in the piecemeal efforts of Section 301 tariffs, EU trade defenses and anti-coercion instruments and other reactions to Chinese nonmarket overcapacity.
Imposing tariffs of 20% on all imports and a 60% tariff on Chinese goods would cost middle-class households more than $2,600 a year -- $900 more annually than a 10% tariff on imports, what former President Donald Trump floated earlier in his current presidential campaign, according to a new analysis from the Peterson Institute for International Economics.
The Center for Strategic and International Studies "Trade Guys" said that while there is some pressure on Congress to get the Generalized Systems of Preferences benefits program renewed, and restrict de minimis, competing pressures make it unlikely bills will become law this year.
International Trade Today is providing readers with the top stories from last week in case they were missed. All articles can be found by searching on the titles or by clicking on the hyperlinked reference number.