Two Democrats have introduced a bill in the Senate that, if it becomes law, would prevent a president from levying tariffs on free-trade partners, on NATO members and on major non-NATO allies without congressional approval.
Countries where the U.S. has a significant trade deficit could be potential targets for future U.S. tariffs, according to panelists speaking during a Jan. 29 customs market update sponsored by Expeditors.
Trump Says Tariffs Will Be Hiked on Oil Next Month and Steel, Aluminum Tariffs Going Higher; EU Next
President Donald Trump told reporters that his administration plans to put tariffs on oil and gas, and on items related to semiconductor chips and pharmaceuticals, and he gave more details about previously threatened tariffs on steel, aluminum and copper.
President Donald Trump told reporters that there are no concessions Mexico, Canada or China could make to avoid tariffs on Feb. 1, which he wants to use to punish them for trade deficits, fentanyl trafficking, and, in the case of Canada and Mexico, migration across their borders.
European Parliament members this week probed the EU’s new trade commissioner about how he’s handling President Donald Trump’s tariff threats, with some members calling on the EU to prepare for retaliation.
Importers should be prepared for uncertainty when it comes to the specifics on tariffs and have plans in place to adjust supply chains and tariff classifications accordingly, lawyers said in webinars by Deringer on Jan. 29 and Barnes & Thornburg on Jan. 30.
President Donald Trump, in response to a question from a reporter at the White House, said 25% tariffs on Canada and Mexico are coming on Feb. 1, on Saturday.
President Donald Trump told a reporter at the White House that a 25% tariff on Mexican and Canadian goods "is coming on Saturday." When the reporter asked if oil would be excluded, Trump replied, "I didn't say that. We're going to make the determination probably tonight, on oil."
Lack of coordination between the U.S. and the EU on trade policy will make it tougher to confront the economic threat posed by China, experts warned at a conference co-hosted by the Peterson Institute for International Economics.
Freshman Rep. Riley Moore, R-W.Va., introduced a bill called the U.S. Reciprocal Trade Act with eight other House Republicans, a proposal first introduced by former Rep. Sean Duffy, R-Wis., in 2019 (see 1901160012) along with a Senate companion bill by Sen. Lindsey Graham, R-S.C., and former Sen. Joe Manchin of West Virginia (see 1908090034).