President Donald Trump told reporters that unless China stops fentanyl shipments, resumes buying U.S. soybeans and stops playing "the rare earth game with us," he won't lower tariffs.
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 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."
The Bureau of Industry and Security posted more requests for new products to be included as derivatives subject to Section 232 tariffs on steel and aluminum products. The release of the requests starts a two-week comment period for the potential inclusions, with comments on each due Oct. 21.
The Commerce Department’s Bureau of Industry and Security posted 95 requests for inclusions of new tariff subheadings under 50% Section 232 tariffs on steel and aluminum derivatives. Comments on the inclusion requests are due in 14 days, on Oct. 21, and the postings also kick off a 60-day period for BIS to consider the requests.
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The first window for requests for new auto parts to be covered by Section 232 tariffs will open Oct. 1, beginning a 14-day submission window, followed by a 60-day period to consider the inclusion requests, the Commerce Department’s Bureau of Industry and Security said in an interim final rule outlining the inclusion process.
The Bureau of Industry and Security is again accepting requests for new products to be included under Section 232 tariffs on steel and aluminum derivatives, it said in a notice released late on Sept. 15. Inclusion requests will be accepted through Sept. 29, after which the agency will post the inclusion requests it receives for comment and begin a 60-day process to consider whether to grant the inclusions.
CBP issued the following releases on commercial trade and related matters:
The Commerce Department’s spring 2025 regulatory agenda for the Bureau of Industry and Security includes new mentions of three interim final rules that could lead to new import restrictions under the agency's Information and Communications Technology and Services regulations.