Former President Donald Trump said last week that he might put not just a blanket 10% tariff on imports from countries other than China, but 20% tariffs, at least on "foreign countries that have been ripping us off for years" (see 2408140058).
Former President Donald Trump said Aug. 14 that he wants to impose a 10% to 20% tariff on “foreign countries that have been ripping us off for years,” making what seems to be a slight change to the 10% tariff on all U.S. imports that he proposed last year (see 2308290005).
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.
Trade associations are generally pleased with the trade facilitation discussion draft issued in the Senate last week (see 2407310037), though they all noted that moving to a true one-U.S.-government data submission and release regime requires money, which may not follow, even if the bill becomes law.
CBP unveiled Aug, 2 a list of proposals further defining just how President Joe Biden expects the agency to implement Biden’s "Detect and Defeat" legislation (see 2407310030) aimed at thwarting fentanyl and other illicit drugs from entering the U.S. via the millions of de minimis shipments or imports that are worth less than $800.
Sen. Chuck Grassley, R-Iowa, who has traditionally been a defender of the current law on de minimis (see 1907300048), said that while he's not up for lowering the $800 threshold, he would be willing to change the low value import process to combat fentanyl, as the White House is proposing.
A bipartisan pair of senators fleshed out a trade facilitation framework released in early June (see 2406100015) with legislative text that authorizes spending to create a true single window and modernize ACE, as well as details of how duty drawback could change.
Sen. Lindsey Graham, R-S.C., introduced a bill that would require the president to impose tariffs of at least 500% on all products imported from countries that buy oil or petroleum products from Iran.
Revenue from a 10% tariff on all U.S. imports could be offset by a tax cut, and together the two could result in an increase in incomes that would more than offset inflation caused by the tariff hike, according to an analysis released by the Coalition for a Prosperous America on July 24.
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.