Sen. Marco Rubio (R-FL) will be confirmed as Secretary of State. He had very little pushback in his confirmation hearing among his colleagues on the Senate Foreign Relations Committee.
These programs, which allow foreign e-commerce vendors to bypass U.S. customs processes, will continue to ensure that the de minimis loophole remains a flawed system that undermines American workers, businesses, and national security.
Widely regarded as one of the nation’s leading experts on tariffs, industrial policy, economic modeling, and trade policy, Ferry’s contributions to CPA and the broader economic policy landscape have been transformative.
A mostly Democratic Party panel of members of the Joint Economic Committee (JEC) held a hearing on tariffs on Wednesday, where the room was heavily weighted against incoming president Trump’s 10% (or 20%) universal tariff proposal.
While the bill’s title suggests a crackdown on the unfolding de minimis catastrophe, in reality it would handcuff CBP’s ability to do anything about it.
Biden’s signature climate change-related spending policy, the Inflation Reduction Act, is said to be going under the knife once Trump takes office in January. But with Republican districts now full of solar, and solar manufacturing facilities, the real risk is changes to the so-called 45X tax credit.
The takeaway from the roughly 90 minute hearing titled “Rebuilding the Arsenal of Democracy” was that the government needed long term contracts and more money to build up defense systems because, based on war games conducted by the Center for Strategic and International Studies, the U.S. struggled to hold its own.
It is now time for the Senate to act swiftly and ensure that this bill becomes law, empowering the DOJ to effectively prosecute international trade crimes and protect American industry.
CPA looks forward to working with Jamieson Greer to advance a robust trade agenda that prioritizes domestic production, holds trade violators accountable, and strengthens America’s industrial base.
For Mr. Lutnick to lead the tariff and trade agenda in the next Administration, he will need an aligned Treasury Secretary to executive critical policies on customs revenue generation, customs valuation, and de minimis.
