Trump asks for additional potential tariffs on $100 billion in Chinese exports
The Trump administration announced Thursday night it may increase the amount of Chinese imports subject to tariffs by an additional $100 billion dollars, bringing the total to $150 billion. It remains unclear if this announcement will become policy, as the statement directed the Office of the US Trade Representative to determine if additional tariffs were warranted. Additionally, the...
USTR releases Foreign Trade Barriers Report
The US Trade Representative this afternoon released its annual report on trade-distorting practices worldwide. The fact sheet released along with the report highlights three problematic areas for trade with China, all of which have been regularly raised by current and previous US administration:
China’s industrial plans (including Made in China 2025) and forced technology transfer This section rehashes several of the same issues...China announces retaliatory tariffs in response to Section 232 tariffs, but solicits comments before implementation
Early Friday China announced planned reciprocal tariffs on 128 US products to offset the impact of US steel and aluminum tariffs, which come into effect today under the administration’s Section 232 tariff actions. According to the Ministry of Commerce (MOFCOM), US exports of these products to China were worth $3 billion in 2017. The tariffs would include a 15 percent...
Larry Kudlow to replace Gary Cohn as National Economic Advisor
The White House announced Wednesday that Larry Kudlow would become Trump’s top economic advisor, following the resignation of Gary Cohn last week. Kudlow is a former CNBC host who was an informal economic advisor to Trump’s campaign. Kudlow previously served as an economist at the New York Federal Reserve and at the Office of Management and Budget under President Reagan before moving on to Wall Street, including serving...
Steel and aluminum tariffs roil Washington
Following his announcement last week of his intention to act, President Trump signed an order Thursday putting a 25 percent tariff on imported steel and 10 percent on imported aluminum. The tariffs will be implemented in the next 15 days. The order exempted Mexico and Canada from coverage, and includes a process for other allies to apply for similar exemptions. Trump also said the percentages could be adjusted up or down at a later date, and...
Liu He visits Washington amid talk of steel and aluminum tariffs
Chinese President Xi Jinping’s top economic advisor, Liu He, travelled to Washington this week to discuss trade tensions with the US government. Liu, a key proponent of China’s economic reforms over the past decade, was named to the Communist Party Politburo last fall and is expected to become a vice premier next month with responsibility for the financial sector.
Liu had a joint meeting on Thursday with...
Top economic aide Liu He to visit DC next week
Chinese sources confirm to USCBC that President Xi Jinping’s top economic advisor, Liu He, will travel to Washington next week to discuss trade tensions with the US government. Liu, who was named to the Communist Party Politburo last fall and is expected to become a vice premier next month, is expected to meet with US Trade Representative Robert Lighthizer and other senior Trump administration officials in an effort to reinitiate...
Commerce Department releases findings on steel and aluminum investigations
On a call with media today, Commerce Secretary Wilbur Ross discussed the findings and suggested remedies from the Administration’s investigations into steel and aluminum imports. In his remarks, Ross said, “each of these reports comes to the conclusion that… imports threaten to impair our national security.” Ross indicated that the goal of the actions in both products was to raise US production to 80 percent...
Chinese and US officials meet amid trade tensions
Chinese State Councillor Yang Jiechi traveled to Washington this week to meet with US officials and discuss the two nations’ strained trade relationships and tension over North Korea. On Thursday, Yang met with US Secretary of State Rex Tillerson; little information was released about the meeting, but a State Department readout said the two looked forward to speaking again in the second quarter of this year at the Diplomatic &...
Trade not a major component of State of the Union
Despite anticipation of a major trade announcement, Tuesday night’s State of the Union address, the first by President Donald Trump, had very little mention of trade. The President cited the need for “fair” and “reciprocal” trade -- points made regularly by the administration in the past year -- but made no specific proposals on what would be done to achieve those goals. Trump simply said, "We will work to fix bad trade deals and...
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