The House of Representatives passed, by large margins, bills that would restore the African Growth and Opportunity Act and the Haiti HELP trade preference program, and keep the tariff breaks active through the end of 2028.
House Foreign Affairs Subcommittee on the Western Hemisphere Chairwoman Maria Elena Salazar, R-Fla., asked a State Department official to press Mexico to stop accepting Cuban doctors' services, which she says is human trafficking. Salazar held a hearing on Mexico's relationship with its neighbors this week in the subcommittee.
EU ministers and Parliament members this week urged the bloc to respond forcefully to China’s rare earth export restrictions if Beijing doesn’t repeal them or swiftly grant export licenses to European companies. Some also said they’re skeptical Beijing’s one-year suspension for some of its export controls will last.
The end of the de minimis exemption could favor larger importers that are able to handle the additional data requirements while maintaining fast deliveries to consumers, according to Vince Iacopella, president of trade and government relations for Alba Wheels Up.
Footwear Distributors and Retailers of America CEO Matt Priest said shoe importers expect to pay $5 billion in tariffs this year, up from $3 billion last year, given the additional 30% tariffs on Chinese shoes, 20% on Vietnamese shoes, and 19% on Indonesian shoes. Last month, shoe importers owed $635 million in tariffs, up 108% from the month before.
A July benchmarking survey from the U.S. Fashion Industry Association found that executives from 25 leading U.S. fashion companies have been diversifying their sourcing as part of a wider strategy to hedge against higher tariffs and U.S. trade policy uncertainties.
The US-China Business Council released its annual member survey, which shows almost all U.S. companies operating in China are concerned about the impact of tariffs on their business. Tariffs jumped from the eighth-highest concern in last year's survey to number two in this year's, with the highest being U.S.-China relations.
As companies seek to accommodate changes in U.S. tariffs, they should seek to understand the terms of their intercompany agreements and transfer pricing policies to avoid potential violations, according to an energy and infrastructure lawyer with Baker McKenzie.
Trade groups representing three strong exporting sectors -- soybeans, semiconductors and medical devices -- and an expert in critical minerals trade all told the Senate Finance Committee that higher tariffs on all countries and products, and constantly changing tariff policy, aren't good for American competitiveness.
Tariff rates above 200% essentially function “as an import ban” for some members of the American Apparel and Footwear Association because, at that price point, “companies don’t ship, they don’t import, they don’t make, they don’t buy,” the trade association’s head said on the Trade Guys podcast April 29.