President-elect Donald Trump read Mexico and Canada the riot act on Monday night, telling them if they don’t seal their border and – in Mexico’s case – drastically slow the flow of fentanyl and other narcotics into the U.S., they’ll be hit with 25% tariffs starting January 20, 2025.
Either we have a fashion industry or we have de minimis, but we cannot have both, warned Jacob Helberg, one of the 10 commissioners for the U.S. China Economic and Security Review Commission.
De minimis, a customs rule that allows for duty free shipment and minimal inspection if the overseas vendor claims the value is under $800, is a haven for contraband, whether it’s fake Nikes, childrens’ toys made of lead, or banned food products, Customs and Border Protect (CBP) admitted yet again.
The leading contenders for the White House all favor blocking the U.S. Steel sale to Nippon Steel of Japan, a sale that might yet reward its senior executive, David Burritt, with a $72 million pay package once it closes. Globalist-thinking institutions are all in favor of the deal.
Trump spoke for nearly two hours in his usual off the cuff speaking engagement at the Detroit Economic Club in Michigan recently. The automotive industry was a priority topic, with the presidential candidate saying Washington has to incentivize American auto makers.
Two years of plant closures have led steel pipe maker Zekelman Industries to take matters into its own hands. The company announced on Oct. 21 that it filed a lawsuit against the Mexican government for breaching a 2019 joint steel trade agreement with the United States.
U.S. Trade Representative Katherine Tai said the proper use of tariffs as a trade tool is good for the middle class, especially those that work in the industrial sectors of the economy. No tariffs, on the other hand, may lower costs of goods sold.
Ford is the winner, though it might not be a prize worth winning in this case. The number one U.S. corporation with the most exposure – and therefore dependency – on China partners and supply is the historic Detroit auto maker.
The U.S. dollar remains at about the same worldwide valuation in our latest quarterly Misalignment Monitor, continuing to create a double-digit import incentive to the great disadvantage of domestic U.S. producers.
Donald Trump was in Savannah for a campaign stop on Tuesday where he spoke for 90 minutes, bringing up tariffs, taxes, and a real threat of tariffs on Mexico-made cars.
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