Moments after President Donald Trump’s 10% tariffs on all Chinese products took effect Feb. 4 (see 2502030034), China announced new tariffs and export controls against the U.S. and added two American companies to its so-called unreliable entity list, including one that it accused of adopting “discriminatory measures” when sourcing products from China's Xinjiang region.
Senate Banking Committee Chairman Sen. Tim Scott, R-S.C., and member Sen. Bernie Moreno, R-Ohio, introduced a bill Feb. 3 that would sanction foreign entities that facilitate illegal immigration into the U.S., including human smuggling networks and financial institutions that enable their operations.
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Japan has launched a “consultation hotline” for Japanese companies located in Canada, Mexico and China that may be affected by new U.S. tariffs announced by the Trump administration (see 2502030016), Japan’s Ministry of Economy, Trade and Industry said Feb. 2. The hotline will provide “thorough support to Japanese companies affected,” according to an unofficial translation, including individual consultations from “experts specializing in North America and other areas.”
Canada announced then later rescinded retaliatory tariffs against the U.S. after both sides reached an agreement to delay new tariffs this week.
Companies should expect Trump administration to take an increasingly aggressive stance on China-related inbound and outbound investment restrictions, especially because of the makeup of President Donald Trump’s team and key Cabinet officials, a former Treasury Department official and trade consultant said.
European Parliament members this week probed the EU’s new trade commissioner about how he’s handling President Donald Trump’s tariff threats, with some members calling on the EU to prepare for retaliation.
The Trump administration may be beginning to favor the use of trade policy tools like tariffs to replace sanctions to compel foreign policy, researchers said on a podcast hosted by the Center for a New American Security last week.
Hours after President Donald Trump threatened to impose sanctions, tariffs and visa restrictions against Colombia for declining to accept a plane of deported migrants from the U.S., the White House said Colombia reversed course and agreed to the “unrestricted acceptance of all illegal aliens.”
A former top Commerce Department adviser in the Biden administration expects President Donald Trump and Congress to continue prioritizing export controls and other trade restrictions, although he said the government’s success partly depends on whether the administration can craft a clear, coordinated economic security strategy that doesn’t only rely on tariffs.