President Donald Trump issued an executive order Nov. 20 exempting 238 tariff schedule subheadings covering agricultural products from the 40% additional International Emergency Economic Powers Act tariff on Brazil. The new exemptions take retroactive effect Nov. 13 at 12:01 a.m ET.
The Congressional Budget Office updated its estimate of how much tariffs would reduce the federal deficit, if they stayed in place for 10 years, now saying they would reduce it by $2.5 trillion rather than $3.3 trillion (not counting saved interest costs).
Democrats on the House Small Business Committee said tariffs are leading to a decline in the manufacturing sector, with mixed reactions from the witnesses at a "How Main Street is Revitalizing Manufacturing" hearing.
A think tank says a surgical modernization of CAFTA-DR is the best approach for the future of the free trade agreement, though allowing Central American countries or the Dominican Republic to join USMCA is another option.
President Donald Trump, speaking at a Saudi investment forum, said that if the Supreme Court rules against the use of national emergency authorities to impose reciprocal tariffs, the administration will manage.
As a Russia sanctions bill appears to have more momentum (see 2511170041), Democratic senators declined to say what tariff levels would be effective or appropriate if it becomes law.
As importers seek to recover the monies they paid in tariffs due to discovering they overpaid or because the Supreme Court may potentially rule that the International Emergency Economic Powers Act tariffs aren't valid, there are a number of pain points that they may be facing now or will be facing, according to panelists speaking on a Nov. 18 webinar hosted by KPMG.
President Donald Trump's tariffs will last beyond his term in office, former Commerce Secretary Gina Raimondo predicted during a Nov. 19 event hosted by Bloomberg.
India's Commerce Secretary Rajesh Agrawal, the lead negotiator on the trade deal with the U.S., told reporters in New Delhi on Nov. 17, "We should get a closure soon."
Sponsors of the No Coffee Tax Act lauded the president's decision to roll back reciprocal tariffs on coffee, but Sen. Catherine Cortez-Masto, D-Nev., noted that the additional 40% tariffs on Brazilian coffee were unchanged. She said Nov. 17 that Brazil is the top source of American coffee.