China has suspended port fees for U.S. ships and sanctions on five U.S. subsidiaries of South Korean shipbuilder Hanwha Marine Corporation in response to the Trump administration's decision last week to drop ship fees for Chinese vessels and slash tariffs on Chinese goods (see 2511030005).
Over the weekend, President Donald Trump promised to give dividends of $2,000 to Americans from the revenues collected from his tariff policy.
Senate Finance Committee Chairman Mike Crapo, R-Idaho, blocked a vote on a bill that would end tariffs on imported coffee.
Section 122 of the Trade Act of 1974 may be a more limited "fall-back option" for the Trump administration should the Supreme Court strike down all the tariffs President Donald Trump has imposed under the International Emergency Economic Powers Act, Dr. Mona Paulsen, law professor at the London School of Economic Law School, wrote in a blog post.
There are probably five justices who will find that the reciprocal tariffs were not permissible under the International Emergency Economic Powers Act that the president used to impose them, according to Georgetown University Law Center Professor Marty Lederman. Lederman, a senior fellow in the Supreme Court Institute at Georgetown, was one of two guests on the weekly Washington International Trade Association podcast that aired Nov. 7.
The U.S. is likely to commit to a full renegotiation of USMCA during the trade pact's upcoming sunset review and could even abandon the trilateral agreement in favor of individual ones, according to Miguel Messmacher, former chief economist at the Ministry of Finance of Mexico.
Although China agreed to temporarily suspend its sweeping rare earth export restrictions, the threat of those controls returning appears likely, said Jude Blanchette, director of the Rand China Research Center.
President Donald Trump continues to argue that the Supreme Court will rule that his emergency tariffs are constitutional, and that the promises of investments from South Korea, Japan and the EU would evaporate without the 15% tariffs he imposed on their exports.
NEW YORK -- Although the president's obsession with domestic manufacturing doesn't extend to apparel, there are no signs the administration will adjust tariff policy to make clothing imports more affordable, or even adjust rules of origin to privilege nearshoring, an old Washington hand told the U.S. Fashion Industry Association annual conference audience.
Several Democratic senators talked about their legislative efforts to rein in President Donald Trump's sweeping tariff hikes the same day that the Supreme Court grappled with the question of whether Congress gave away too much of its power to the president to set tariffs.