Pharmaceutical tariffs, which President Donald Trump said are coming soon, loomed over a seminar on fragile supply chains for medicines, but both the hosts at the think tank and the guests agreed, they will neither reduce dependency on imports nor solve shortages.
The European Commission opened a public consultation regarding a list of U.S. imports that could become subject to tariffs in response to the flurry of U.S. trade action, should talks with the White House fall through, the commission announced. The list covers over $107 billion worth of U.S. imports, including a "broad range of industrial and agricultural products," it said.
A U.S.-U.K. trade deal announced in the Oval Office leaves the average tariff on U.K. goods at 10%; however, aerospace engines and parts will enter duty-free.
President Donald Trump, responding to a reporter's quote from Treasury Secretary Scott Bessent that the administration is considering tariff exemptions for car seats from China [see Ref:2505060052]), said he doesn't know if he wants to do that.
Nearly 750 organizations and businesses gave input to the administration on trade barriers or subsidies that prevent them from reaching their sales potential.
President Donald Trump is excluding Canadian and Mexican exports from 10% or 25% duties that began March 4, as long as those goods can qualify for USMCA benefits. The change starts at 12:01 a.m. March 7.
The Alliance for Chemical Distribution asked the Trump administration to support a renewal of the Generalized System of Preferences benefits program in Congress. The GSP program has been expired for more than four years.
After pulling back for the moment on threatened 25% tariffs on Canadian and Mexican imports, China is the only country facing imminent tariffs over fentanyl smuggling. The 10% tariffs will be added to most favored nation duties or, for goods subject to Section 301 duties of either 25% or 7.5%, to those duties and the underlying MFN rates.
Former Pennsylvania Sen. Pat Toomey, who voted against USMCA because he felt it moved too much in the direction of managed trade, told an audience at a Council on Foreign Relations event Jan. 23 that, despite all of his talk of tariffs, "a lot of folks will be surprised at the extent to which President [Donald] Trump will pursue broad, aggressive tariffs."
No goods subject to special trade remedies -- 99.9% of which are subject to Section 301 tariffs -- would be able to enter as de minimis shipments under a proposed rule released by CBP Jan. 17.