U.S. Trade Representative Jamieson Greer faced some skepticism at a Republican lunch this week, but how much is unclear, since many Republicans were circumspect in describing the conversation. However much intra-party pushback there is toward the administration's tariff and trade policy, one senator told International Trade Today that it doesn't matter in the end.
Sen. John Kennedy's bill to restore African Growth and Opportunity Act trade preferences retains the third-country fabric provision and extends the program until Sept. 30, 2027.
White House National Economic Council Director Kevin Hassett told an Axios interviewer that the administration was taken aback by China's announcement of extraterritorial export controls on products made with rare earths processed in China.
U.S. Trade Representative Jamieson Greer, in a joint press conference with Treasury Secretary Scott Bessent, said the administration has already drafted some documents to hike tariffs on Chinese goods, and is drafting other documents that might impose more export controls for goods sold to Chinese firms.
President Donald Trump, on his way to Israel, softened his message on tariffs on Chinese goods. When asked if imposing those tariffs was still the plan, he said, "Right now it is. Let's see what happens. November 1st is an eternity."
President Donald Trump reacted angrily to China's plan to expand export restrictions, including when rare earths are in products made abroad (see 2510090021. In a social media post that seemed to trigger a 2.7% drop in the S&P 500, he wrote, "Dependent on what China says about the hostile 'order' that they have just put out, I will be forced, as President of the United States of America, to financially counter their move. For every Element that they have been able to monopolize, we have two."
A week after CBP instructed vessel operators how to pay fees under a Section 301 shipping action, and four days before those fees are due, the Office of the U.S. Trade Representative changed the fee structure.
Sen. Ron Wyden, D-Ore., said he participated this week in the reintroduction of a resolution to terminate the reciprocal tariffs emergency because "that's one of the keys to holding down costs. The President said that was his top priority, and he basically has run as aggressively and quickly as he could to get out from under it. And what we're doing, in a bipartisan way, is saying: If you're serious about holding down costs, you have to go out and fix these horrible tariffs that are jacking up costs all over."
The sunset review of USMCA was designed to provide certainty to businesses, since even if one country says it doesn't think the trade pact should continue at the six-year mark, consultations continue for 10 years.
President Donald Trump is suspicious of continuing a free-trade agreement with Canada and Mexico, according to a person who was a top trade official during the president's first term.