Tariffs News Updates

Among the major questions left unanswered for US importers are the prospects and the process for recouping the money the government collected over the past year under IEEPA.

The president can reuse tariff powers he deployed in his first term and can reach for others, including one that dates to the Great Depression.

The Supreme Court struck down President Donald Trump's far-reaching global tariffs on Feb. 20, handing him a significant loss on an issue crucial to his economic agenda.

Companies have had to find ways to absorb the new expense by passing it along to customers in the form of higher prices, employing fewer workers or accepting lower profits.

The goods and services trade gap expanded from the prior month to $70.3 billion. The shortfall culminated in a full-year deficit of $901.5 billion, still one of the largest in data back to 1960.

National Economic Council Director Kevin Hassett said a study from the Federal Reserve Bank of New York showing U.S. companies bear most of the tariff burden “is an embarrassment.” 

The U.S. and Japan unveiled the debut projects of a $550 billion investment fund, pressing ahead with a trade and economic pact in the weeks before Japan’s Prime Minister Sanae Takaichi is set to meet President Donald Trump.

Total container traffic through the Port of Los Angeles dropped 12% in January as exports and imports weakened from a year earlier, when shippers rushed to move freight in anticipation of tariffs.

U.S. Trade Representative Jamieson Greer signaled that the Trump administration is open to changing its tariffs on steel and aluminum amid pressure from business groups and trading partners.

Janice Charette will work with the minister responsible for Canada-U.S. trade, Dominic LeBlanc, on the joint review of the trade agreement between Canada, the U.S. and Mexico.