Trade Cases
Second Trump term could mean 60% tariff on Chinese imports: Report
Written by Ethan Bernard
February 5, 2024
Former President Donald Trump discussed, if re-elected, placing a tariff of 60% or more on all Chinese imports in an interview with Fox News on Sunday.
Talk of the possible 60% tariff was first reported by The Washington Post on Jan. 27.
“I would say maybe it’s going to be more than that,” Trump told Maria Bartiromo on Fox’s Sunday Morning Futures regarding a possible 60% tariff.
Note that the 60% figure Trump floated for tariffs on goods from China is significantly higher than the 10% tariff he has suggested for imports of goods from all other regions.
Recall that Trump shocked the steel market with tariffs when he was president. Citing national security concerns, he in 2018 imposed Section 232 tariffs of 25% on imported steel and tariffs of 10% on foreign aluminum.
Exceptions were later made for certain countries, including Canada, Mexico, and the EU region, among others. It has been widely speculated that a second Trump term could result in a more protectionist stance for US trade policy.
Commenting on Trump’s statement, Kevin Dempsey, president and CEO of the American Iron and Steel Institute (AISI), told SMU, “As the largest contributor to the global steel overcapacity problem, China continues to engage in widespread unfair trade practices that continue to harm American steel producers.”
Dempsey added: “AISI continues to work with Congress and the administration on policy measures to address these trade-distorting actions by the Chinese government, and will remain engaged to ensure the continued competitiveness of the American steel industry.”
Ethan Bernard
Read more from Ethan BernardLatest in Trade Cases
Price on Trade: IEEPA tariffs head to the Supreme Court, DOJ ramps up trade enforcement
International trade law and policy remain a hot topic in Washington and beyond this week. We are paying special attention to the ongoing litigation of the president’s tariff policies and the administration’s efforts to heighten trade enforcement.
Mexico considers stiff tariffs for steel, autos, and other imports
Mexico is considering imposing steep tariffs on imports of steel, automobiles, and over 1,400 other products. Its target? Countries with which it does not have free trade agreements, mainly China, India, Thailand, and other South Asian nations.
Leibowitz: With ‘reciprocal’ tariffs struck down again in court, what happens next?
President Trump’s “reciprocal” tariffs under the International Emergency Economic Policy Act (IEEPA) were struck down again, this time on Aug. 29 by the Court of Appeals for the Federal Circuit (CAFC). The legal and policy mess continues, with the next stop being the US Supreme Court.
Market unfazed by US circuit court’s IEEPA decision
Repealing any reciprocal tariffs placed by President Donald Trump on US imports of direct reduced iron (DRI), iron ore, hot-briquetted iron (HBI), and pig iron would have only a nominal impact on the US steel market, market participants said.
ITC votes to keep HR duties after sunset review
The US government determined this week that hot-rolled steel imports from a handful of countries continue to threaten the domestic steel industry.