Scott Bessent, President-elect Donald Trump's nominee for treasury secretary, told the Senate Finance Committee that they should think about how tariffs will be deployed by thinking of three categories.
Michigan Gov. Gretchen Whitmer, in a Jan. 15 speech at the Detroit Auto Show, criticized President-elect Donald Trump's proposal to impose 25% tariffs on Canadian exports as one that would damage Michigan's auto sector, which employs, or leads to indirect employment of, more than a million people in the state -- a fifth of the workforce.
Senate Majority Leader John Thune, R-S.D., said that senators are starting to have conversations about what incoming President Donald Trump might do on tariffs, and said, "We'll work through that."
CBP has released its Jan. 8 Customs Bulletin (Vol. 59, No. 2), which includes the following ruling actions:
Kevin Brady, who led the House Ways and Means Committee when Congress passed the Trump tax cut package, told reporters that Washington insiders expect "the [next Trump] administration will reinstate [Section] 301 investigations" that were begun when countries moved to collect digital services taxes from U.S. tech firms.
Officials advising Donald Trump on his upcoming administration have been considering tariffs that would gradually increase by 2% to 5% a month, according to a Bloomberg News article based on unnamed sources. The proposal could boost negotiating leverage and avoid a spike in prices, the planners believe. The article said the proposal is in its early phases and hasn't been presented to the president-elect.
President-elect Donald Trump announced plans Jan. 14 to establish an "External Revenue Service" that would collect monies from tariffs, duties and all revenue coming from foreign sources, in a Truth Social post.
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.
The National Chamber of the Textile Industry of Mexico and the U.S.-based National Council of Textile Organizations sent a Jan. 13 joint letter to Mexican President Claudia Sheinbaum expressing their gratitude to the Mexican government's recent tariff changes for apparel goods.
CBP should put in place an "informed compliance" policy for holds on previously filed in-bond shipments that prohibit their subsequent export, given the lack of automated notifications of those holds to the filer, according to comments that the National Customs Brokers & Forwarders Association of America submitted to CBP last week.