On the same day that he slapped 25 percent tariffs on all imported steel and aluminum, President Trump made clear he is turning his sights on the European Union as his next target. Mr. Trump told reporters that he is “of course” going to raise tariffs even more on the EU after Brussels announced it is retaliating against the US steel and aluminum tariffs.
In a predictable move, Speaker Johnson rejected efforts by Democrats to force a vote on the legitimacy of the Presidents tariff actions as an abuse of the International Emergency Economic Powers Act (IEEPA). The action creates a standing waiver to the requirements of the National Emergency Act, for the duration of the 119th Congress, ensuring members will avoid the embarassment of going on record in the event of future executive overreach.
President Donald Trump has issued contradictory signals regarding sanctions on Russia, simultaneously threatening punitive economic measures while reportedly exploring avenues for relief. On Friday, Trump warned of large-scale banking sanctions, tariffs, and additional economic penalties on Moscow in an effort to push Russia and Ukraine toward a peace settlement. Despite his threats of increased economic pressure on Russia, reports indicate that the Trump administration is simultaneously considering sanction relief.
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced Thursday that the goods and services deficit was $131.4 billion in January, up $33.3 billion from $98.1 billion in December, revised, or 34%. While exports grew 1.2%, imports surged 10%. as importers stocked up ahead of the Trump tariff increases.
Treasury Secretary Scott Bessent discussed the President's policies with Larry Kudlow at The Economic Club of New York event on March 6, 2025. "The president has already begun a campaign to rebalance the international economic system," he asserted. "Perhaps we are seeing an early big win with Germany's discussions to dramatically boost its military spending."
President Donald Trump has imposed tariffs of 25% on Mexican goods and non-energy products from Canada, 10% on Canadian energy, and an additional 10% on Chinese goods. Then Thursday he suspended actions on USMCA eligible goods for 30 days. In response, Canada has enacted its first round of retaliatory tariffs on a pre-announced list of U.S. products. Ottawa says it is considering additional retaliatory measures, including non-tariff options and has launched disputes proceedings at the World Trade Organization and via the USMCA system. The White House has also granted a 30-day reprieve for automakers following a joint appeal by the CEOs of GM, Ford, and Stellantis. Experts note building auto and parts production capacity to replace Canadian imports will take "maybe two to three years.”
President Donald Trump reaffirmed his administration’s aggressive trade policy this week, announcing a series of tariff increases targeting major U.S. trading partners, including Canada, Mexico, the European Union, the United Kingdom, China, and Japan. The measures are set to begin to take effect on March 4th. Mr. Trump confirmed that 25% tariffs on imports from Canada and Mexico will proceed as planned, citing a failure by both nations to curb illegal drug trafficking into the U.S. In a post on Truth Social, the president stated, “The tariffs go into effect next week—drugs are still pouring into our Country, and we will hold these nations accountable.” The exact date of implementation of the 25% tariff on EU imports remains pending further clarification from the administration.
In contrast to the Treasury Department's flurry of staffing announcements, the Commerce Department quietly updated its website this week, detailing the staff incoming BIS Chief Jeffrey Kessler will rely on to ensure trade security. The appointment of James Rokas as Mr. Kessler's principal deputy has been thrown into doubt, as Chief of Staff Robert Burkett has replaced Mr. Rokas as acting undersecretary.
Jeffrey Kessler the Administration's nominee for Under Secretary of Commerce for Industry and Security had a relatively easy go of it in front of the Senate Banking Committee Thursday, as members sunk their teeth into the higher-profile nominees who shared the dias. While Mr. Kessler brings a strong legal background in tariff and trade enforcement and compliance, the technical and national security elements of export administration will call for a high degree of collaboration with what one senator referred to as "career bureaucrats [who] over the years at BIS have rubber stamped deals for decades and sent some of our most important technology to China"
Matthew Borman, principal deputy assistant secretary of commerce for export administration and Eileen Albanese, director of the Office of National Security and Technology Transfer Controls, have been forced out of the Commerce Department, leaving the government's trade security functions hobbled. As reported earlier Bureau of Industry and Security (BIS) has suspended the processing of applications for new export licenses submitted after February 5th, 2025. As of presstime (24 February) the Bureau has made no formal announcment as to when or if processing will resume.
As Moscow's war against Ukraine enters its fourth (or eleventh) year, the European Commission announced the Council's adoption of the 16th sanctions package against Russia. As is customary, the United Kingdom announced complementary sanctions. Unlike with prior initiatives, the United States did not join in the effort, reflecting the new rapprochement between Washington and the Kremlin. The 16th sanctions package intensifies restrictions on key sectors of Russia's economy, including energy, trade, transport, infrastructure, and financial services.
Last week President Trump signed a directive aimed at protecting American companies from foreign-imposed taxes, fines, and regulatory restrictions, vowing to take retaliatory action against governments that unfairly target U.S. businesses. The Presidential Memorandum, titled Defending American Companies and Innovators From Overseas Extortion and Unfair Fines and Penalties, outlines the administration’s commitment to countering digital services taxes (DSTs) and other financial measures that disproportionately affect U.S. technology firms.
The global response to U.S. tariff measures has ranged from diplomatic negotiations to retaliatory actions. While the EU and Japan seek exemptions through dialogue, China and Canada have taken more direct countermeasures. Meanwhile, countries like Malaysia, South Africa, and India are exploring strategies to protect key economic sectors from the impact of U.S. tariffs. One certain outcome is that regional and country-specific trade agreements which exclude the United States will continue to be inked among countries determined to ensure their supply lines aren't jeopardized by the caprices of President Trump.
President Donald Trump has unveiled a new initiative aimed at reshaping U.S. trade policy by imposing reciprocal tariffs on foreign goods. The plan, introduced through a presidential memorandum, directs federal agencies to study and propose tariffs that mirror those imposed by U.S. trading partners. The administration maintains that the new tariff structure would bolster American manufacturing by incentivizing companies to produce goods domestically. “There are no tariffs if you manufacture or build your product in the United States,” Trump added. However, concerns over potential inflationary pressures remain. When asked whether the policy’s impact on consumer prices would be analyzed, Trump dismissed the need for further study. “There’s nothing to study,” he asserted. “It’s going to go well.”
Monday Feb 10, President Trump issued an executive order halting the initiation of new Foreign Corrupt Practices Act (FCPA) investigations and mandating a review of ongoing enforcement actions. The order comes in the wake of several high-profile corporate settlements under the statute, underscoring the administration’s concerns that current enforcement of the 47 year old Law is detrimental to U.S. economic competitiveness and national security.
The trade group representing 270 American companies operating in China, announced its policy priorities for US-China commercial relations. "With new US leadership, USCBC sees a fresh chance to address structural issues in China’s economy that disadvantage American businesses, workers, and farmers," states The US-China Business Council (USCBC) in announcing the report. The report calls for ensuring the enforcement of China’s “phase one” commitments, preserving China’s permanent normal trade relations status, and "recalibrating national security restrictions" Including reversing the AI Diffusion Rule introduced at the close of the prior administration.
The Trump administration’s pledge of across-the-board tariffs have many U.S. companies concerned about higher-priced inputs and disrupted supply chains. This article explores the insurance coverage options, such as political risk insurance and trade credit insurance, that can offer coverage to protect against and mitigate trade-related risks. This article also provides advice on how policyholders can maximize coverage should a loss occur, and further discusses the impact that tariffs might have on the insurance market, including premiums for certain types of insurance lines.
Her first full day as Attorney General, Pam Bondi issued a raft of policy changes, including a memorandum outlining the new administration's policies on charging, plea negotiations and sentencing. Tacked onto the end of the five-page memo, Ms. Bondi continued the purge of the National Security Division, disbanding the Foreign Influence Task Force and the National Security Division's Corporate Enforcement Unit, and instructing the Counterintelligence and Export Control Section to "focus on civil enforcement, regulatory initiatives, and public guidance." Another memo directs FCPA directs prosecutors to prioritize the investigation drug cartels and transnational criminal organizations (TCOs) and to “shift focus away from cases that do not involve such a connection.”
Tuesday February 4th the White House issued a National Security Memorandum (NSM) directing multiple federal agencies to impose maximum pressure on the Government of the Islamic Republic of Iran. The memorandum outlines aggressive measures aimed at denying Iran all paths to a nuclear weapon, countering its regional influence, and disrupting its financial and military networks.
After a false start with Colombia last weekend, the Trump Tariff War of 2025 has officially begun, with new levies on imports from the top US trading partners, accounting for 40% of the goods imported into the US last year, Friday, White House spokesperson Karoline Leavitt told reporters duties of 25% on Canadian and Mexican goods and 10% on Chinese roods would be published on Saturday and would take effect immediately. The president also said he planned "absolutely" to impose tariffs on the European Union in the future, saying the bloc had not treated the US well.
