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.
The U.S. will soon impose a 100% tariff on China, “over and above any Tariff that they are currently paying,” along with new export controls on “any and all critical software,” President Donald Trump announced on Truth Social. Trump said the measures, which could take effect Nov. 1 or sooner, are in response to China’s recent announcement that it will impose new export license requirements on overseas exports if they contain certain levels of Chinese-origin material.
Beijing this week announced a host of new export license requirements for shipments of rare earths, superhard materials and related equipment, including new rules to restrict overseas exports if they contain certain levels of Chinese-origin materials. The country’s Ministry of Commerce also added more than a dozen companies to its Unreliable Entity List for arms sales to Taiwan or for other actions that it said hurt Chinese companies or the country’s “sovereignty” or security.
House Democrats sent a letter to President Donald Trump urging him to end tariffs on India and repair the "strained" relationship with the country.
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."
A White House official said that active pharmaceutical ingredients imported into the U.S. for medicine manufacturing will be covered by the Section 232 tariffs on branded pharmaceuticals.
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.
House Select Committee on China ranking member Raja Krishnamoorthi, D-Ill., urged the Trump administration Oct. 8 to open new markets for U.S. soybean exports in Southeast Asia, South Asia, Africa and the Middle East.