U.S. Trade Representative Robert Lighthizer said the Trump administration will work with Canada and Mexico to have a bilateral agreement in place by the end of the year, the Associated Press reported. If this agreement is reached, it would apply to existing commerce between the two countries. The original NAFTA agreement runs through 2023. NAFTA was put in place in 1993.
Tariffs are back: The U.S. Commerce Department gave the green light on Friday to 23 multinational companies that will be subjected to additional trade tariffs on $16 billion in goods because of alleged “dumping” in the U.S. Those companies, whose products are allegedly sold in the U.S. at prices below their production costs, will face the 25 percent tariffs. The items on the list include clothing, footwear, electronic equipment, and steel tubes. The Trump administration said the tariff would only be levied on the companies that have been the subject of its Section 301 investigation — which was launched in early 2017 — into the alleged dumping.
Even the president’s daughters think he’s a son-in-law: While discussing the 35-point list of “safeguard” tariffs the Trump administration released on Thursday, acting Agriculture Secretary Kathleen Merrigan accidentally said the Trump administration had “dumped” wheat on the world market, according to a White House official.
But we might have to wait awhile to see a 40 percent tariff on Mexican cars: After being a back-burner issue for months, the Commerce Department’s investigation into the alleged dumping of steel imports into the U.S. was cleared for this week’s announcement. But it could be years before we see the application of a 40 percent tax to imported Mexican vehicles, as it could take years to resolve the dispute in the World Trade Organization.