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Chapter 1: What are the new US tariffs targeting forced labor imports?
The Trump administration has announced plans for a new wave of tariffs targeting imports from 60 economies, including the European Union, claiming they have failed to do enough to stop goods made with forced labour entering their markets. The move could add another layer of uncertainty to transatlantic trade relations. just weeks after the EU struck yet another tariff deal with Washington.
The proposed measures won't take effect immediately, but they signal that Donald Trump is looking for new legal avenues to continue his aggressive trade agenda after the US Supreme Court struck down an earlier tariff regime. To discuss this, I'm joined by Peter Brown, Managing Director of Bagot Investment Partners. Morning, Peter.
Morning, David.
What are we talking about?
Well, this comes from the US Trade Representative's Office and a finding of unfair trade practices investigation, right? And they say that the failure of the most important trading partners to address the importation of goods made with forced labour is unacceptable. Right. So their imposing announcement comes ahead of the 20...
July the 24th expiration of the 10% emergency tariff that Donald Trump put in, as you rightly say, after the Supreme Court knocked down his tariff policy on February the 20th.
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Chapter 2: How do these tariffs affect transatlantic trade relations?
So he's trying to replace an existing tariff. That's what he's trying to do. Now, the tariff then exempts. Metals, beef, coffee, certain fruits and vegetables, pharmaceuticals, organic chemicals and aircraft parts. I mean, how do you determine what is produced in Europe through forced labour? And of course, the irony there is that the American...
prisoners produce 11 billion worth of goods a year with forced labour. Really?
Chapter 3: What is the significance of Trump's tariff strategy post-Supreme Court ruling?
Yes, they do. So it's more of Donald Trump's tariffs. But what we know about tariffs now and what we said at the start, tariffs are paid by the importer and the consumer. And we know from anyone requesting a refund, they're all American. They're all American companies. European companies are not paying the tariffs.
American importers are paying the tariffs and American consumers are paying the tariffs. So this is a little bit more of the same. He's just trying to replace what's gone out, what's going to go on the 24th of July.
So it's not a concern with forced labour that is dictating this policy, you would say?
No, it's not a concern with forced labour that's dictating the policy. And certainly, I mean, you know, in Europe, I mean, how do you determine what in Europe is produced with forced labour?
And how do you define forced labour anyway?
Exactly.
OK. But this could be significant for Europe, could it?
This tariff, I wouldn't say is significant for Europe at all. Right. I think that the tariff situation is really gone into the background here for the number of reasons I stated. Right. It's the American companies and the American consumer that's paying them. There doesn't seem to be a fall off. And certainly in Irish exporting, there's no sign of a fall off.
You know, normally what a tariff does is it raises the price and then the importer turns around to the exporter and says, you need to cut your prices. We're not seeing that at all. All we're seeing is the U.S. consumer absorbing it and the U.S. importer absorbing it.
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