The former chief of staff to then-U.S. Trade Representative Robert Lighthizer has been chosen for USTR in Donald Trump's second administration.
The exclusion process for Section 301 tariffs was understandable in one regard -- requests for goods linked to China's technology supremacy strategy known as Made in China 2025 were less likely to be successful.
Despite looming geopolitical and labor uncertainties, freight markets are appearing to hold steady, trade industry executives told International Trade Today. But President-elect Donald Trump's announcement this week of plans to levy a 25% tariff against Mexico and Canada and increase by 10% the tariffs on Chinese goods (see 2411260012) could propel the freight markets into a frenzy should importers try to rush to get cargo in before the tariffs are implemented.
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.
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 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!"
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."