President-elect Donald Trump will most likely either turn to the International Emergency Economic Powers Act (IEEPA) or Section 301 of the Trade Act of 1974 to impose his recently announced tariffs on Canada, Mexico and China, said trade lawyers interviewed by Trade Law Daily. Though much remains unknown about how Trump will impose these tariffs, the president-elect may turn to the two broad statutes to impose the tariffs to accomplish his stated goals of curbing the flow of migrants and fentanyl into the U.S.
Customs brokers expressed concern about a 25% tariff on Mexico and Canada and a 10% additional tariff on China that President-elect Donald Trump announced in a Nov. 25 Truth Social post, citing uncertainties about how U.S. importers would be able to afford bond stacking and if they would be liable financially for the imports, among other issues.
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'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."
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!"
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.