After President Donald Trump announced mutual tariffs and more, former economic counsel for Chairman Thomas Phillipson, who chairs the market recession, joined the “final line.”
US Customs and Border Protection (CBP) has already raised more than $200 million in additional revenue per day to implement a massive new wave of tariffs under President Donald Trump’s “liberation day” plan.
“The CBP has successfully implemented 13 tariff-related presidential actions during this administration,” a CBP spokesman said in a statement from the FOX Business. “CBP, which provides services on the frontline of America, strictly enforces all laws and presidential directives to ensure economic sovereignty.”
Using its powers under the Trade Expansion Act of 1962 and the International Emergency Economic Force Act (IEEPA), the Trump administration has targeted products from dozens of countries, including China.
On April 3, the US imposed a 25% tariff on all passenger cars and mild trucks imported from any country, and on Saturday a 10% global tariff came into effect under the IEPA with certain exclusions, the CBP said.
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President Donald Trump keeps the charts when making mutual tariff comments at an event entitled “American Wealthy” and “Make America Wealthy” at the White House in Washington, DC on April 2. (Brendan Smialwoski/AFP via Getty Images)
From April 9, 86 countries face new mutual tariffs ranging from 11% to 50%, with some exclusions, and Chinese and Hong Kong products shipped on May 2 for $800 or outside the international postal system will no longer be eligible for tax-free treatment and will be exposed to standard duties according to the CBP.
Meanwhile, postal shipments from China and Hong Kong will face 30% obligations or $25, whichever is greater, starting in May. That rate will increase to $50 per item from June 1st.
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Detroit’s retired Autowalker Brian Pannebecker will speak with President Donald Trump on April 2nd outside the White House at Rose Garden. (Brendan Smialwoski/AFP via Getty Images)
CBP says it will work closely with other agencies to deploy these changes and keep the industry community up to date through its online messaging system.
The agency has already drawn billions from previous Trump executive orders.
This includes $4.8 billion under EO 14195, targeting Chinese synthetic opioids. The $861 million under EO 14193 is intended to stop the flow of drugs from Canada. It addresses trade issues at the southern border, exceeding $2 billion under EO 14194. $1 billion was collected based on Section 232 duties on steel and aluminum.
President Donald Trump speaks during a trade announcement event “make America rich again” at the Rose Garden in the White House. (Andrew Harnik / Getty Images / Getty Images)
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“The CBP is being set up on its own to implement and implement the president’s tariffs,” a CBP spokesman said. “We are fully equipped and ready to collect obligations.”
Customs fees for certain products are listed in the US harmonized tariff schedule
