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!!!"
Rep. Don Beyer, a long-time trade liberalization advocate, led a 90-minute hearing making the case against more tariffs in the second Trump administration, and Senate Budget Committee Chairman Sheldon Whitehouse, Majority Leader Chuck Schumer and Senate Finance Committee Chairman Ron Wyden slammed the economic impact of campaign tariff promises as the Democrats try to use their bully pulpits in the last week before Republicans will have control at both ends of Pennsylvania Avenue.
Interest groups' complaints about the two recent International Trade Commission nominees were barely touched on during a hearing at the Senate Finance Committee.
Venable lawyers said no one knows whether President-elect Donald Trump will hike tariffs on China by 10 percentage points, by 60 percentage points, or bring current tariff levels to 60%. Nor does anyone know if the threat of 25% tariffs on Canadian and Mexican exports will become reality.