US sees new tariffs as trade jobs nearing end | Business and Financial Issues

US Trade Rep. Jamieson Greer is hinting at new tariffs for 60 trading partners as President Donald Trump’s interim tariffs expire on Friday.

US Trade Representative Jamieson Greer said new tariff hikes are likely as US President Donald Trump is set to leave office on Friday unless Congress acts.

“We’re hoping to see that happen soon,” Greer said on CNBC’s Squawk Box when asked if the new rate would hit 60 traders.

In February, the White House proposed tariffs under Section 122 of the US Trade Act of 1974, which allows the president to impose tariffs of up to 10 percent for 150 days without Congressional approval.

The tariffs were imposed after the Supreme Court struck down Trump’s use of the International Emergency Economic Powers Act (IEEPA) to set his international tariffs, saying the president lacked the authority to do so.

The White House has proposed a new tax plan that targets states for a variety of reasons, including the failure to end forced labor.

“We hope to see that happen soon,” Greer said in an interview, but did not specify a timeline. He said the new tariffs could lead to more trade in the US, which is causing friction among trading partners including China, Japan and the European Union.

The announcement follows a new tax plan unveiled last week for Brazilian goods. The White House announced 25 percent of the work on thousands of products from South America, from sugar to iron.

Then on Monday, the White House announced a new 50 percent tariff on goods from wine to cement, which will take effect in 30 days, saying that Ottawa has given US goods, including cars and milk, “discrimination”.

“President Trump is taking steps to hold Canada accountable for the continued discrimination and unfair treatment and inequality in US trade that has burdened and burdened hard-working Americans,” the White House said in a statement.

However, it is US consumers and businesses who bear the brunt of Trump’s tariffs. A study by the Kiel Institute for the World Economy found that US retailers and consumers bear 96 percent of the burden, while the nonpartisan Tax Foundation estimates that higher prices will increase the tax burden on US families by about $700.

US markets are in good territory. The Nasdaq was up 0.8 percent, the Dow Jones Industrial Average was up 0.6 percent, and the S&P 500 was up 0.5 percent in afternoon trading.