John Strom on Navigating Trade Policy Uncertainty and Economic Risks
Foley & Lardner LLP special counsel John Strom was quoted from a recent webinar in the International Trade Today article, “Import Compliance Becoming a Team Effort Beyond Customs Brokers, Lawyers Say.”
In a Foley webinar hosted in partnership with In-House Connect on potential implementation and implications of reciprocal trade tariffs, Strom advised that tariffs could be in effect “as early as June or July,” but said uncertainty remains over the immediate status for Canadian and Mexican goods.
Strom also explained that setting tariffs on a product-by-product, country-by-country basis would be “extremely complex,” especially with the added consideration of value-added taxes.
“Congress can still influence the administration through formal and informal means…the more the president and key administrative officials hear from congressional allies, the better the chance of getting an exemption process,” he highlighted.
“Exactly what the administration is prepared to do will be clearer after the America First Trade memo reports are released in April.”
He cautioned, “You should not discount the seriousness of this threat, and candidly the extent to which the administration is taking feedback from members of Congress, is taking feedback from companies…it’s not that the policy is sort of set in stone.”
“Seeing it in action and the speed at which the administration’s acting has been somewhat of a surprise,” he concluded.
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