All articles tagged with #us trade representative
The U.S. Trade Representative announced plans to impose at least 10% extra tariffs on most trading partners following a forced-labor probe, signaling a broad shift in trade policy with potential higher costs for consumers and exporters and a looming reshaping of global supply chains.
The Trump administration announced new Section 301 investigations into China, Mexico, the EU and more than a dozen other economies to replace reciprocal tariffs ruled illegal by the Supreme Court, with the probes likely expanding to more nations. The investigations will assess unfair practices tied to excess manufacturing capacity and may lead to tariffs or other actions after hearings and comments. Officials say the policy aims to protect American jobs and fair trade, and Treasury officials have signaled tariffs could return to pre-ruling levels by August.
The incoming Trump administration may face challenges in implementing new tariffs due to the legal processes required by trade laws like Sections 201, 301, and 232. These laws necessitate investigations and public consultations before tariffs can be imposed, allowing businesses time to adjust. While Trump has significant power over trade policy, any rapid changes could raise legal questions. Options include modifying existing tariffs or using laws with fewer procedural restrictions, such as the International Emergency Economic Powers Act. Corporate supply chains may need to adapt to potential higher trade barriers.
Donald Trump has appointed Jamieson Greer as the US trade representative and Kevin Hassett as director of the National Economic Council, signaling a continuation of his protectionist trade policies. Greer, a former chief of staff to Robert Lighthizer, is expected to play a key role in Trump's tariff strategy, which includes proposed tariffs on imports from Canada, Mexico, and China. Meanwhile, Hassett, a supporter of Trump's economic agenda, will focus on extending tax cuts and coordinating economic policy. These appointments suggest a more aggressive trade stance in Trump's potential second term.
President-elect Donald Trump has appointed Jamieson Greer as the U.S. Trade Representative, a key position in his administration's trade policy agenda. Greer, who previously served as chief of staff to USTR Robert Lighthizer, played a significant role in implementing tariffs on China and renegotiating NAFTA into the USMCA. If confirmed by the Senate, Greer will focus on reducing the trade deficit and expanding export markets. Trump's selection of Howard Lutnick as commerce secretary will also influence trade policy.
Donald Trump has appointed Kevin Hassett to lead the National Economic Council, placing him at the forefront of policy-making on trade, taxes, and deregulation. Hassett, who previously chaired the Council of Economic Advisers under Trump, supported corporate tax cuts and tariffs. Trump also named Jamieson Greer as U.S. Trade Representative and plans to increase tariffs on Chinese, Mexican, and Canadian goods. This move is part of Trump's efforts to finalize his economic team ahead of his upcoming inauguration.
President Joe Biden announced plans to urge the U.S. trade representative to consider tripling tariffs on Chinese steel and aluminum imports, citing unfair competition and anti-competitive trade practices. He emphasized his support for American steelworkers and criticized former President Donald Trump's trade policies. Biden's announcement comes as he campaigns in Pennsylvania, a battleground state, and opposes the planned sale of U.S. Steel to a Japanese-owned company.
U.S. Trade Representative Katherine Tai has warned that China's dominance in the rare earths market makes U.S. supply chains vulnerable. China's ability to control the pricing and supply of rare earth metals, which are crucial for high-tech products like electric car motors, poses a significant risk. Tai emphasized the need for the U.S. to diversify its supply chains and reduce reliance on China. She also highlighted China's coordinated industrial and trade policies that allowed it to corner the market. The U.S. government has announced initiatives to encourage domestic development and manufacturing of critical technologies. Tai also discussed the imbalanced trade relationship with China and the improving U.S.-India relations.