Good News & Positive Signals on Import Tariffs
USMCA
An agreement was reached on a new U.S. trade deal with Mexico and Canada on December 10, with ratification by Congress expected in 2020.
U.S. Trade Representative, Robert Lighthizer issued the following statement:
"Thanks to President Trump's leadership, we have reached an historic agreement on the USMCA. After working with Republicans, Democrats, and many other stakeholders for the past two years we have created a deal that will benefit American workers, farmers, and ranchers for years to come. This will be the model for American trade deals going forward."
232 Tariffs on Argentina & Brazil
The Director of the White House's National Economic Council, Larry Kudlow, said Tuesday that the White House hasn't made a decision about whether to re-instate section 232 tariffs on Argentina and Brazil. While President Trump stated last week that the duties would be effective "immediately", the matter is still in discussion and a final decision has not been reached.
List 4B
While the U.S. braces for List 4B to go into effect on December 15, increasing duties on imported Chinese goods, news sources say that a trade deal could happen at the 'eleventh hour'. Media reports state that both countries are taking steps to delay the tariffs, set to take place on Sunday. Larry Kudlow, the Director of the White House's National Economic Council, cautioned yesterday, however, that President Trump has not yet made a final decision on the matter. Janel will continue to monitor this situation and will provide more information as details unfold. If you have questions regarding any of these matters, please reach out to your Janel Group Account Representative.