Chapter 1: What is the main topic discussed in this episode?
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Chapter 2: What recent changes are being made to US tariffs?
So right now, as we talked about, 10% is in place. There will be a proclamation raising it to 15% where appropriate. And so once that comes out, I'm happy to come back on and explain how that might accommodate other countries where there's a deal.
Will any of the rates on any country stay at 10%?
Well, we want to make through that we go through the legal process and we get out a proclamation.
Chapter 3: What are the implications of the Supreme Court ruling on tariffs?
Again, this is anytime we put on a tariff, we're going to have foreign interests who want to bring it down. So people are going to sue us. So I'm not going to get ahead of the president. I'm not going to get ahead of the White House counsel and all these folks who are implementing this. So when that comes out, they'll be very clear what and how and why.
Ambassador, in some of your comments, it seems like you're suggesting that the rate could go above 15%. And I just am curious what exactly you're planning to use. It's been discussed that Section 301 in particular will be used to go after places like China, which it has been used for before. Is that still in the cards?
Yes. So Section 301 is a country-specific tool, and it allows the president to investigate unfair trading practices by countries. And again, this is what we've been getting at over the past year. As we've concluded deals with over a dozen countries, they have agreed to eliminate unfair barriers to our trade, take down their tariffs, eliminate fake regulatory barriers, etc.,
And so we can actually conduct these investigations under Section 301 on a country-by-country basis, figure out exactly what they're doing that's been so problematic, and negotiate with those countries, but also impose a tariff as enforcement to make sure that they eliminate those practices. China, certainly, but also other countries, Vietnam, Southeast Asia, the Europeans, potentially.
But the point is to recreate... the policy that we've developed over the past year to give continuity and be able to be in a position where we can honor the deals but also have enforcement available. That's the only reason why these countries have made all these concessions, because they know the president's willing to enforce and willing to raise tariffs if he needs to.
Have you started the 301 investigations?
So there are a couple that have already started. We opened a Section 301 investigation on Brazil a few months ago. We opened up one on China a few months ago about compliance with the Phase 1 deal.
And we have many others that we are preparing right now and we expect to launch in the coming days and weeks, such as related to forced labor in supply chains, industrial excess capacity, or unfair trading practices with respect to fishing or seafood or rice or subsidies for certain products and that kind of thing.
So Ambassador Greer, you were potentially planning to use 301 because when I spoke to you and your colleagues in the past, there was this concern Supreme Court could strike down AIPA. So why didn't you do these investigations from the very beginning?
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Chapter 4: How does the US plan to implement the new 15% tariff?
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