The incoming administration is widely expected to embrace a more multinational approach to U.S. trade policy, moving away from the “America first” strategy embraced by President Trump.
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When Indianapolis outdoorsman and filmmaker Eddie Brochin was asked to lead adventure tours on a Mexican ranch in 2013, he had no idea it would lead him to import and distribute wine.
Read MoreA group of major U.S. businesses wants the government to hide key import data—a move trade experts say would make it more difficult for Americans to link the products they buy to labor abuse overseas.
When the dollar is strong, a U.S.-based company that sells products overseas earns fewer dollars. On the flip side, the cost of imported goods and foreign expenses are lower.
President Joe Biden said that the roughly $700 billion the government devotes annually to procuring goods is supposed to prioritize U.S. suppliers, but regulations going back to the 1930s have either been watered down or applied in ways that masked the use of foreign imports.
The executive order will cover U.S. supply chains for large-capacity batteries, pharmaceuticals, critical minerals and semiconductors that power cars, phones, military equipment and other goods.
In the first-step agreement, the U.S. dropped its plan to impose new tariffs on $160 billion of Chinese imports and agreed to trim existing import taxes on about $112 billion in Chinese goods. In return, the U.S. said China agreed to buy $40 billion a year in farm products over two years.
U.S. tariffs will remain in place against Chinese imports while negotiations continue. Additional trade penalties President Trump has threatened against billions worth of other Chinese goods will not take effect for the “time being.”
Seeking to rally support for its side in the tariff war, Beijing is vehemently protesting the Trump administration's decision last week to impose controls on exports of computer chips and other key components.
U.S. paper mills are expanding capacity to take advantage of a glut of cheap scrap. Some facilities that previously exported plastic or metal to China have retooled so they can process it themselves.
The White House said Friday that President Trump is delaying for six months any decision to slap import taxes on foreign cars, a move that would hit Europe and Japan especially hard.
Last week, President Donald Trump announced plans to increase tariffs from 10% to 25% on $200 billion worth of Chinese imports that include a wide variety of products like aluminum and steel, frozen fish and meat and wood.
The president’s comments dim hopes that round-the-clock trade negotiations between the world’s two biggest economies could lead to them removing the roughly $360 billion in tariffs they’ve imposed on each other’s imports.
U.S. and Chinese negotiators ended two days of meetings Thursday without breaking a deadlock over trade that has unnerved financial markets and disrupted global commerce.
Senate candidate Mike Braun has downplayed his company’s use of foreign-made goods, but his parts brand, Promaxx Automotive, includes products that were manufactured abroad, according to a review by The Associated Press.
Customs officials will begin collecting the border tax Aug. 23, the Office of the U.S. Trade Representative said. The list is heavy on industrial products such as steam turbines and iron girders.
Lawmakers went on record Wednesday to express their frustration with the Trump administration's growing use of tariffs as the Senate passed a nonbinding resolution designed to give Congress more say about trade penalties.
The opening shots were fired when the Trump administration imposed a 25 percent tariff on $34 billion of imports from China, and Beijing promptly retaliated with duties on an equal amount of American products.
Economist Michael Hicks says tariffs proposed by the Trump administration could result in job losses and GDP reductions starting this year.
The European Union is set Friday to slap tariffs on $3.4 billion in American products. India and Turkey have already targeted products ranging from rice to autos to sunscreen. And a showdown with China still looms.
President Trump has ordered tariffs on $50 billion in Chinese goods in response to Beijing’s forced transfer of U.S. technology and alleged intellectual property theft, and threatened to impose duties on $400 billion more.
In announcing the tariffs, President Donald Trump said he was fulfilling a campaign pledge to crack down on what he contends are China’s unfair trade practices and its efforts to undermine U.S. technology and intellectual property.
