President Donald Trump posted on social media on March 3, "To the Great Farmers of the United States: Get ready to start making a lot of agricultural product to be sold INSIDE of the United States. Tariffs will go on external product on April 2nd. Have fun!"
International Trade Today is providing readers with the top stories from last week in case they were missed. All articles can be found by searching on the titles or by clicking on the hyperlinked reference number.
From corporate giants to small companies, in farming, manufacturing and retail, Americans said tariffs on Canada and Mexico were damaging their businesses and driving up costs for customers.
Going from zero tariffs on most Canadian and Mexican imports to 25% convulsed Capitol Hill and foreign capitals, with some Republicans diverging from the president's protectionist message and Democrats universally using the action to attack Trump as the reason prices will go up.
Beijing is studying ways to retaliate against an increase to 20% in U.S. tariffs to address fentanyl smuggling (see 2502270037), state-run news outlet Global Times reported March 3. China's countermeasures likely will include a combination of tariffs and non-tariff measures, the report said, with American agricultural and food products likely to be targeted.
Treasury Secretary Scott Bessent, speaking on the Sunday CBS program "Face the Nation," said March 2 that "the big tariff program," or reciprocal tariffs, will be outlined on April 2. That report is going to show what other countries' tariffs are on specific goods, what non-tariff barriers have been identified, and what kind of currency manipulation, financing interventions or "labor manipulation" distorts international trade.
CBP created Harmonized System Update 2507 on Feb. 28, containing 678 Automated Broker Interface (ABI) records and 213 Harmonized Tariff Schedule records. HSU 2507 includes several PGA HTS flag updates as well as adjustments required by the verification of the 2025 Harmonized Tariff Schedule.
Imported goods subject to heading 9903 tariff subheadings, including goods from China, may qualify for informal entry only if the goods are valued at $250 or less, CBP indicated in answers to questions posed by the National Customs Brokers & Forwarders Association of America at a recent meeting.
CBP released notices late March 3 on the implementation of 25% tariffs on most goods from Canada and all goods from Mexico.
Tariffs on some of the new aluminum and steel derivatives listed in an annex to President Donald Trump’s proclamation expanding the Section 232 tariffs will take effect March 12, according to a pair of notices released by the Commerce Department.