White House teases new trade action ‘soon’ as it works to re-create global tariff regime
Greer said the new duties would cover most U.S. trade and replace temporary levies set to expire this week.
- On Tuesday, the Trump administration raced to finalize replacements for temporary 10% baseline tariffs expiring Friday, which the Supreme Court previously ruled illegal.
- Officials plan to impose new tariffs of 10% or 12.5% on 99.4% of all imports, citing inadequate efforts by trading partners to prevent forced labor amid recent legal setbacks.
- Separately, the administration announced 50% tariffs on many Canadian products effective in 30 days, alongside a 25% tariff on various Brazilian goods taking effect Wednesday.
- Utilizing Section 338 of the Tariff Act of 1938—a provision never previously used—the U.S. seeks leverage; trade lawyer Dave Townsend of Dorsey & Whitney warned of a "cycle of escalation and retaliation."
- With 16 major trading partners targeted over excess industrial capacity, Greer told CNBC on Tuesday to expect "action soon" on new tariffs, complicating the USMCA's future.
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135 Articles
LIVE NOW: Trade Representative Jamieson Greer Testifies at Senate Committee on Trade Policy Agenda
U.S. Trade Representative Jamieson Greer testifies to the Senate Financial Committee on the Trump administration’s trade policy agenda at 10 a.m. ET on July 22. ...
This article was originally published on Cedarnews.net. For more exclusive news and reports, visit our website. In our Wednesday press review, we'll cover an article about the trade war between major powers, another about how investors are coping with inflation and recession, and a final article about the health obsession among Generation Z. We begin our review with an article in the Financial Times titled "Who Will Win the New Trade War?" by Ma…
The United States prepares new tariffs that could affect some 60 countries, announced yesterday the White House trade representative (UST), Jamieson Greer. This decision is given before the temporary global charges set by President Donald Trump expire this week and after legal setbacks of the Supreme Court. Greer anticipated, in an interview with the CNBC news network, that the United States will announce new tariffs to some 60 countries in the …
US tariffs are due to expire on Friday. US President has already announced 200 percent surcharges for imported generics.
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