Tariffs promised by President-elect Donald Trump would result in increased prices for U.S. consumers, experts warned in an analysis of current trade flows and tariff rates.
A discussion draft modifying a carbon border tax bill narrows the product list, removing fossil fuels, chemicals and other goods that were original targets of the Senate bill, which was introduced a year ago (see 2311030006).
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.
The Treasury Department’s recent delegation of its customs revenue functions to DHS “will make the regulatory process much more efficient and ensure everyone has adequate input,” acting CBP Commissioner Troy Miller said in opening remarks at the Commercial Customs Operations Advisory Committee meeting Dec. 11.
Running a large trade surplus with the U.S. is only one way to draw President-elect Donald Trump's tariff fire, argues a new report from the Information Technology and Innovation Foundation; other ways would be by expecting the U.S. to provide a defense umbrella, enacting digital services taxes or other anti-U.S. regulations, and taking what ITIF called "soft positions toward China."
The possibility of a double whammy come January consisting of a strike at East and Gulf coast ports and the implementation of President-elect Donald Trump's proposed tariffs (see 2411250034) is making shippers nervous, with the National Retail Federation saying that the scenarios could result in a "continued surge in imports through next spring."
President-elect Donald Trump said the U.S. is "subsidizing Canada to the tune [of] over $100 billion a year. We’re subsidizing Mexico for almost $300 billion. We shouldn’t be -- why are we subsidizing these countries? If we’re going to subsidize them, let them become a state."
The U.S. may consider imposing new import tariffs on older generation semiconductors from China, Commerce Secretary Gina Raimondo said.
President-elect Donald Trump is most likely to announce 25% tariffs on Canadian and Mexican goods the day he takes office, "then immediately suspend them -- with a deadline -- to allow for a negotiation," Bill Reinsch, a think tank leader who often opines on trade, wrote this week.
Peter Navarro, a former academic economist who served in the first Trump administration (see 1911060059 and 2002030056), will return as a trade adviser in the second administration, President-elect Donald Trump announced Dec. 4.