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.
Members of the House Ways and Means Committee majority, who will lead the extension or expansion of the first Trump term income tax cuts, are expressing some hesitancy about using tariffs as a pay-for.
President-elect Donald Trump will nominate billionaire businessman Howard Lutnick to be Commerce Department secretary, Trump announced Nov. 19. "He will lead our tariff and trade agenda, with additional direct responsibility for the Office of the United States Trade Representative," Trump said in a statement.
With just 14 days in session scheduled for the House of Representatives before the end of the year, Ways and Means Committee members are not expressing optimism that a renewal of the Generalized System of Preferences benefits program will be one of the items that gets a vote this Congress.
The U.S.-China Economic and Security Review Commission, in its annual report to Congress, said that ending de minimis for all e-commerce is one of its top 10 recommendations, and said that if Congress passes such a law, it should provide CBP adequate resources to implement and enforce the change.
In addition to tariff hikes expected in 2025, trade experts are also thinking about the 2026 review of USMCA, and the investment and supply chain planning uncertainty that is likely to follow.
NEW YORK -- The Consumer Product Safety Commission's intent to require information from certificates of compliance to be filed in ACE next year is alarming brokers, according to Erin Williamson, vice president of customs brokerage at GEODIS USA.
Trade attorneys continue to wait and wonder what kind of tariff changes will come next year, with one observer using a tariff slide that said "Tariff Armageddon."
House Select Committee on China Chairman Rep. John Moolenaar, R-Mich., proposes increasing tariffs on nearly all Chinese goods to at least 35% and raising tariffs on "strategic goods" to 100%, with exceptions only for goods that are currently sourced only from China.
NEW YORK -- Tyler Beckelman, a Commerce deputy assistant secretary who also sits on the interagency Forced Labor Enforcement Task Force, told a garment industry audience that the Biden administration still intends to issue a notice of proposed rulemaking on de minimis "before we all turn into pumpkins on Jan. 20."