Former President Donald Trump, at a campaign rally over the weekend in Wisconsin, said he would impose a 100% tariff on goods from countries that "leave the dollar."
The Office of Foreign Assets Control issued two new general licenses Aug. 23 that authorize imports of Russian diamonds and diamond jewelry that were located outside the country when a current ban on imports of such goods took effect.
A union request that the government impose a fee on Chinese-made vessels docking at U.S. ports via a Section 301 action confronting subsidization in China's shipbuilding sector (see 2404170029) was mentioned favorably by Democrats and Republicans at a House Select Committee on China hearing that covered Chinese efforts in that sector, semiconductors and drones.
Almost 20 trade groups and a handful of companies disagreed on how to ensure supply chain resilience -- many arguing that liberalizing trade with allies is crucial to reduce the likelihood of shortages, or weaponization, but others asserted that friendshoring will undermine domestic production already under stress.
Automakers and their trade groups cautioned the Bureau of Industry and Security to tailor its restrictions narrowly -- and allow a phase-in -- if they want manufacturers to stop buying information technology components from China for cars with advanced features, including electric cars.
In its annual report on how foreign countries honor intellectual property protections, the Office of the U.S. Trade Representative said Argentina, China, India, Indonesia, Chile, Russia and Venezuela still belong on the list of the worst offenders. Ukraine, which had once been in that group, is not being evaluated because of its invasion by Russia.
The House Ways and Means Committee is set on April 17 to consider several just-introduced trade bills, including a retroactive extension of the Generalized System of Preferences benefits program, new restrictions on de minimis and restrictions on electric vehicle tax credits.
Rep. Tom Kean Jr., R-N.J., chairman of the House Foreign Affairs Subcommittee on Europe, said March 12 that he's drafting a “tough sanctions bill” to help reduce U.S. reliance on Russian state-owned company Rosatom for nuclear fuel.
CBP reminded members of the trade community that starting March 1 the agency will require self-certification statements to be uploaded to the Automated Commercial Environment (ACE) for non-industrial diamonds with a weight of 1.0 carat or greater, diamond jewelry and unsorted diamonds, in a CSMS message on Feb. 29. The Office of Foreign Assets Control banned Russian diamonds of those types in February to comply with an executive order signed in December that prohibits the importation of diamonds, fish and seafood if they were produced "wholly or in part" in Russia, CBP said (see 2402080081 and 2312260061).
The chairman and ranking member of the House Select Committee on China asked the commerce secretary and the U.S. trade representative to use "all existing trade authorities" to hike tariffs on Chinese legacy chips, including those already incorporated into consumer goods, they said in an emailed news release.