Donald Trump has not yet assumed the presidency of the United States, but analysts are beginning to foresee some measures that he could implement during his second term. One of them would be a new tariff package. Here more details:
The elected president of the United States, Donald Trump could be considering declaring a national economic emergency, with the aim of justifying the implementation of a package of universal tariffs for allied and adversary countries.according to CNN.
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The proclamation of these measures will give the next US president the freedom to build a new tariff programusing the International Economic Emergency Powers Act (IEEPA).
The above gives the green light for a president of that country to have the authorization to manage imports during a national emergency..
According to the media, Trump has a fondness for this lawas it grants broad jurisdiction over how tariffs are implemented without strict requirements to prove that they are necessary for national security reasons.
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So far the team of the businessman and next president of the United States has not made any statement affirming or denying these comments by Trump.However, a source familiar with the matter said “nothing is off the table,” according to CNN.
During his first term, the US president-elect used the IEEPA to threaten Mexican imports with a 5% tariff.which would increase if Mexico did not take measures to reduce the number of migrants crossing the border between both countries.
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Although these warnings were not fulfilled by the agreement to restore the “Remain in Mexico” immigration policy, business groups such as the Chamber of Commerce and the Business Roundtable prepared lawsuits that questioned the legality of that measure.
It is still unclear whether Trump will make the decision to implement this tariff law during his second term.but according to CNN sources, Trump’s team is exploring other legal avenues to implement the tariffs that were presented during the election campaign.
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On the other hand, There is also the possibility of using section 338 of the US trade law, by which the president would have the authority to impose new or additional tariffs against countries that are considered to discriminate against US trade..
According to CNN, reviewing the trade law, known as Section 301, which introduced Trump’s initial tariffs on China for national security reasons, is also being considered.
Joe Biden’s government kept in place most of the tariffs that Trump had implemented in his first term, increasing them on products such as electric vehicles, which made them easier to adjust for the new administration.
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Through a press conference, Donald Trump assured that during the next four years, the United States will grow economically, “it will take off like a rocket”, despite inflation in the country.
Trump’s team has stated on multiple occasions the importance of implementing tariffs to boost the American manufacturing industry, for reasons of economic and national security.
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