Former Deputy Director of the National Economic Council under President Donald Trump, Everett Eissenstat, warns that tariffs announced by Trump could be imposed quickly.
#Trump #US
#Trump #US
Category
🗞
NewsTranscript
00:00This tariff threat which applies at the moment to China, the European Union,
00:05Canada, Mexico, I mean what sort of a time frame might we be looking at here?
00:10When do you think these tariffs might take effect? Yeah it's a great question
00:14and I think that's been you know the million-dollar question now for a couple
00:17of months even prior to President Trump being sworn into office. I would suspect
00:24they could be fairly quick. There are actually some statutory tools that would
00:27enable the president to put these tariffs into place quickly. They may
00:31differ depending on whether they're tariffs on Canada, Mexico, or China. As
00:35you know there is currently tariffs on China under Section 301 investigation.
00:40Those could be brought up relatively quickly which is something that
00:45President Biden did as well. The tariffs on Mexico and Canada would require a new
00:49different authority. There's no existing template or tariffs in place so we'd
00:54have to use a different authority. And the one that's most likely the candidate
00:59would be the International Emergency Economic Powers Act which could go into
01:02effect fairly quickly. Whether it's going to be February 1st or a little bit
01:07thereafter we'll wait and see. There's some extenuating circumstances
01:11that may merit delay and there's some other developments that we've watched
01:15very closely just in the past couple of days that would be relevant.