President-Elect Threatens Day 1 Tariffs over Fentanyl, Immigration
President-Elect Donald Trump announced on social media plans to impose a 25% tariff on all imports from Canada and Mexico and a 10% tariff on all imports from China.
In a post on Truth Social, the President elect said in part “On January 20th, as one of my first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States and its ridiculous Open Borders. This Tariff will remain in effect until such time as Drugs, in particular Fentanyl” and all Illegal Aliens top this Invasion of our Country!”
Mexican President Claudia Sheinbaum hinted her country would retaliate. Canadian Prime Minister Justin Trudeau traveled to Mar a Lago to meet with President-elect Trump, saying it was a “good call” and highlighting the positive benefits of U.S.-Canadian trade.
Observers note that the timing of this act could mean the President-elect intend to use the International Emergency Economic Powers Act (IEEPA). This would be noteworthy as it does not require an investigation, which prior tariff actions on China and steel and aluminum during the first Trump term did. IEEPA has not been used to impose tariffs previously, although President Trump did threaten tariffs on Mexico under IEEPA in 2019.
ACMA President & CEO Cindy Squires shared insights on this development on LinkedIn. Please send relevant tariff lines impacted by this proposed action to Daniel Neumann as soon as possible.
Commerce Sets Antidumping Rates on Epoxy Resin
The process for assessing antidumping and countervailing duties on epoxy resin imports from China, India, South Korea, Taiwan and Thailand. The Commerce Department in November announced preliminary duty rates that will now be collected on imports from relevant countries.
The dumping rates, calculated via a specific model by the International Trade Administration are:
China:
China-wide rate: 354.99%
India:
Atul Limited: 12.01%
Champion Advanced Materials: 15.68%
All Others: 12.01%
South Korea:
Kukdo Chemical: 24.65%
Kumho P&B Chemicals: 16.02%
All Others: 21.56%
Taiwan:
Nan Ya Plastics: 20.61%
Chang Chun Plastics: 9.43%
All Others: 14.81%
Thailand:
Aditya Birla Chemicals: 5.59%
All others: 5.59%