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."
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.
Offering its thoughts as an amicus curiae to the Supreme Court’s International Emergency Economic Powers Act tariffs case, the nonprofit Consumer Watchdog said that if IEEPA does grant the executive the powers President Donald Trump claims, the law itself is unconstitutional under the nondelegation doctrine (Donald J. Trump v. V.O.S. Selections, U.S. 25-250) (Learning Resources v. Donald J. Trump, U.S. 24-1287).
President Donald Trump and Brazil's President Luiz Inácio Lula da Silva had a "friendly" talk for 30 minutes Oct. 6, according to an unofficial translation of a Brazilian readout. Trump wrote on social media, "This morning, I had a very good telephone call with President Lula, of Brazil. We discussed many things, but it was mostly focused on the Economy, and Trade, between our two Countries. We will be having further discussions, and will get together in the not too distant future, both in Brazil and the United States. I enjoyed the call — Our Countries will do very well together!"
There will be some rapprochement on trade between India and the U.S. by the end of the year, but nothing substantive, former U.S. trade negotiators predicted during an Oct. 3 webinar.
A sterling silver bracelet that underwent production in the U.S. before being shipped to India to undergo additional processing is still considered as having U.S. origin and is thus exempt from duties, CBP recently ruled in NY N350026.
Taiwan has rejected the idea of a 50-50 split in chip manufacturing recently proposed by U.S. Commerce Secretary Howard Lutnick (see 2509290046).
Tariff preferences for sub-Saharan African countries and two of the three tariff preference programs for Haiti ended Oct. 1. In a hallway interview at the Capitol, Senate Finance Chairman Mike Crapo, R-Idaho, said that he "would love to [renew both] retroactively."
The likelihood of the Supreme Court striking down President Donald Trump's tariffs issued under the International Emergency Economic Powers Act is a "coin flip," various attorneys said during a Sept. 30 webinar hosted by The Budget Lab, a policy research center at Yale University. Scott Lincicome, vice president of general economics at the Cato Institute, an amicus in the IEEPA tariffs cases, noted a "very clear split" among trade lawyers and constitutional lawyers as to where the Supreme Court will come out on this issue.
Section 232 tariffs on timber, lumber and their derivatives will take effect Oct. 14, under a proclamation issued by President Donald Trump. Tariffs will be set at 10% for timber and lumber, 25% for upholstered furniture and 25% on wooden cabinets and vanities.