Rep. Henry Cuellar, a Democrat who represents Laredo, Texas, said that if Donald Trump, once he becomes president, were to impose 25% tariffs on Mexico, it would be very disruptive to business in his district. Trump re-upped the threat of those tariffs in a press conference earlier this week (see 2501070027). He had said he would hike tariffs on all Mexican and Canadian goods if Mexico and Canada don't crack down to his satisfaction on migration and drug trafficking into the U.S.
American consumers should take President-elect Donald Trump seriously, but not literally, when it comes to his threats on tariff rates, said Jan Hatzius, chief economist at Goldman Sachs.
House Ways and Means Committee Chairman Jason Smith, R-Mo., knocked down speculation that tariffs could be part of a tax-cut package in order to offset the costs of extending or expanding individual and business tax cuts passed eight years ago (see 2411120026).
Senate Finance Committee Chairman Mike Crapo, R-Idaho, said his trade priorities for the next two years are supporting the negotiation of comprehensive free trade deals that expand market access for American producers, supporting the negotiation of digital trade rules and intellectual property protections, and reauthorizing key trade programs.
President-elect Donald Trump, at a news conference in Mar-a-Lago Jan. 7, threatened substantial tariffs on Mexico and Canada over migration and drug smuggling issues, and had a lengthy list of complaints in particular about Canada.
The incoming administration is thinking about applying tariffs on strategic goods from all countries, rather than a 10% or 20% global tariff, The Washington Post reported, citing three anonymous sources.
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A new Section 301 investigation on Chinese legacy chips may lead to a tariff regime that could create havoc, according to Sidley Austin's Ted Murphy, who specializes in trade and customs.
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President-elect Donald Trump, in a social media posting Dec. 20, wrote: "I told the European Union that they must make up their tremendous deficit with the United States by the large scale purchase of our oil and gas. Otherwise, it is TARIFFS all the way!!!"