Trade Community Braces for New Era of U.S. Trade Policy
November 6, 2024 – Former President Donald Trump secured enough Electoral College votes overnight to become President-elect following yesterday’s general election.
AAEI has been preparing members for post-election trade strategies.
During his campaign, Trump outlined the trade policies he plans to pursue, including potential 10-20% tariffs on all imports to the U.S. as well as tariffs up to 60% on Chinese goods and up to 200% on imported cars. His strategy involves “decoupling” from China and phasing out essential imports.
AAEI is hosting a Post Election Outlook webinar tomorrow at 3:00 p.m. EST, featuring Robert Mangas of Greenberg Traurig, LLP and AAEI Government Affairs Manager Mitchell Hart. Register here.
Other Stories:
The European Union’s trade and economic security commissioner Maros Sefcovic testified this week that while he hopes to revamp the U.S.-EU Trade and Technology Council, he intends to stand up against “increasingly widespread” unfair practices, no matter who wins the U.S. Presidential election.
The Chairman of the House Select Committee on the Chinese Communist Party is urging the Commerce Department to apply “special rules for costs” on overcapacity and market distortion when reporting on China’s fair market practices.
The International Trade Commission reached a determination last week against imposing more than $2 billion worth of duties on aluminum extrusions from China and 13 other countries, saying U.S. producers were not materially injured by the imports.
DHS announced last week that it added more textile companies to the UFLPA entity list.
CBP issued a withhold release order last week banning imports of frankincense from Asli Maydi, a Somaliland supplier of frankincense, due to the use of “deception, physical violence, abusive working conditions, intimidation and threats, and withholding of wages.”
