A discussion draft modifying a carbon border tax bill narrows the product list, removing fossil fuels, chemicals and other goods that were original targets of the Senate bill, which was introduced a year ago (see 2311030006).
Facing Fentanyl, the Victims of Illicit Drugs and Families Against Fentanyl withdrew their Section 301 petition that asked the U.S. Trade Representative to double the 25% tariffs on Section 301 tariffs on lists 1 and 2 and asked the government to exclude Chinese goods from de minimis (see 2410180039).
The exclusion process for Section 301 tariffs was understandable in one regard -- requests for goods linked to China's technology supremacy strategy known as Made in China 2025 were less likely to be successful.
President Donald Trump will be receptive to Sen. Bill Cassidy's proposal to impose a carbon border tax, predicted Dave Banks, a former energy and environment expert in the National Economic Council and National Security Council during the first Trump term.
It's not clear whether removing all Chinese goods or apparel from de minimis would shrink the universe of duty-free imports the most, but the latter approach, combined with a restriction for Section 301 tariff targets, may be gaining support on the Hill.
CBP unveiled Aug, 2 a list of proposals further defining just how President Joe Biden expects the agency to implement Biden’s "Detect and Defeat" legislation (see 2407310030) aimed at thwarting fentanyl and other illicit drugs from entering the U.S. via the millions of de minimis shipments or imports that are worth less than $800.
Experts invited by Georgetown Law's Center on Inclusive Trade and Development to talk about U.S.-China relations said a truce in the Trump trade war that has continued under President Joe Biden is unlikely, and that the trade war may intensify, no matter who the next president is.
A climate policy adviser to Sen. Sheldon Whitehouse, a Rhode Island Democrat and lead advocate for a domestic carbon tax paired with a carbon border tax, said he thinks the expiration of Trump tax credits in 2025 could create a window to pass some sort of carbon border adjustment tax, because Congress will be seeking revenue raisers to be able to continue the tax cuts.