President Donald Trump told reporters that there are no concessions Mexico, Canada or China could make to avoid tariffs on Feb. 1, which he wants to use to punish them for trade deficits, fentanyl trafficking, and, in the case of Canada and Mexico, migration across their borders.
North America trade expert Dan Ujczo, from Thompson Hine, was expecting 25% tariffs on Canada and Mexico to begin Jan. 20.
The Trump administration could be laying the groundwork to take broad and sweeping action on trade policy around April 1 when an internal review on U.S. trade policy is due, according to trade lawyers from Barnes Richardson.
President Donald Trump railed against the trade stance of the European Union, as he often has, as he talked about tariffs and trade deficits with reporters as he signed executive orders on the first day of his second term.
On his first day in office, the president directed the heads of agencies that deal with trade, tariff collection and trade remedies to:
No goods subject to special trade remedies -- 99.9% of which are subject to Section 301 tariffs -- would be able to enter as de minimis shipments under a proposed rule released by CBP Jan. 17.
Scott Bessent, President-elect Donald Trump's nominee for treasury secretary, told the Senate Finance Committee that they should think about how tariffs will be deployed by thinking of three categories.
Facing Fentanyl, the Victims of Illicit Drugs and Families Against Fentanyl withdrew their Section 301 petition that asked the U.S. Trade Representative to double the 25% tariffs on Section 301 tariffs on lists 1 and 2 and asked the government to exclude Chinese goods from de minimis (see 2410180039).
If President Trump were to impose 25% tariffs on all Mexican and Canadian imports, because he believes those countries are not doing enough to stop migration and drug trafficking, no industry would be hurt more than the auto industry.
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.