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 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.
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.
The Commerce Department released its shutdown contingency plan on Sept. 29, which stated that only 60 out of 1,272 International Trade Association employees are excepted from furlough as "most services and activities" of the agency will cease, though the Bureau of Industry and Security's work on Section 232 investigations will continue.
Serena Tang, who enforces the Shipping Act as a trial attorney at the Federal Maritime Commission’s Bureau of Enforcement, Investigations and Compliance, said in a case filing Sept. 29 that she is resigning from the FMC effective Oct. 3. Tang has been with the commission for four years, according to her LinkedIn profile.
The Commerce Department launched an investigation on Sept. 2 on the import of industrial machinery and robotics, and whether domestic producers should be protected in order to improve U.S. national security.
The Department of Treasury's Alcohol and Tobacco Tax and Trade Bureau is making permanent, with two changes, temporary regulations issued in 2022 on reduced excise tax rates and tax credits for imported distilled spirits, wines, and beer (see [Ref:2209220065).
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.