Former Counsel of Economic Advisors acting chairman Tomas Philipson joins ‘The Bottom Line’ to discuss the market downturn after President Donald Trump announced his reciprocal tariffs and more.
U.S. Customs and Border Protection (CBP) is already collecting over $200 million per day in extra revenue as it enforces a massive new wave of tariffs under President Donald Trump’s “Liberation Day” plan.
“CBP has successfully implemented 13 tariff-related presidential actions during this Administration,” a CBP spokesperson said in a statement to FOX Business. “Serving on America’s frontline, CBP strictly enforces all laws and Presidential directives to secure our economic sovereignty.”
Using powers under the Trade Expansion Act of 1962 and the International Emergency Economic Powers Act (IEEPA), the Trump administration is targeting goods from dozens of countries, including China.
On April 3, the U.S. imposed a 25% tariff on all passenger vehicles and light trucks imported from any country, and on Saturday, a 10% global tariff took effect under IEEPA, with certain exclusions, CBP said.
TRUMP’S CHINA TARIFFS FACE LEGAL CHALLENGE FROM CONSERVATIVE GROUP CALLING THEM ‘UNLAWFUL’
President Donald Trump holds a chart as he delivers remarks on reciprocal tariffs during an event in the Rose Garden entitled “Make America Wealthy Again” at the White House in Washington, D.C., April 2. (Brendan Smialwoski/AFP via Getty Images / Getty Images)
Beginning April 9, 86 countries will face new reciprocal tariffs ranging from 11% to 50%, with some exclusions, and on May 2, products from China and Hong Kong valued at or under $800 and shipped outside the international postal system will no longer be eligible for duty-free treatment and will be subject to standard duties, according to CBP.
Meanwhile, postal shipments from China and Hong Kong will face a 30% duty or $25 per item, whichever is greater, starting in May. That rate will increase to $50 per item after June 1.
DEM SENATOR LOOKS TO HIJACK KEY TRUMP BUDGET PROCESS WITH TARIFF CHALLENGE
Retired autoworker Brian Pannebecker from Detroit speaks alongside President Donald Trump April 2 outside the White House in the Rose Garden. (Brendan Smialwoski/AFP via Getty Images / Getty Images)
CBP says it’s working closely with other agencies to roll out these changes and will keep the trade community updated through its online messaging system.
The agency has already pulled in billions from earlier Trump executive orders.
That includes $4.8 billion under EO 14195, which targets synthetic opioids from China; $861 million under EO 14193, aimed at stopping drug flows from Canada; over $2 billion under EO 14194, addressing trade issues at the southern border; and $1 billion collected under Section 232 duties on steel and aluminum.
President Donald Trump speaks during a “Make America Wealthy Again” trade announcement event in the Rose Garden at the White House. (Andrew Harnik/Getty Images / Getty Images)
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“CBP is uniquely positioned to implement and enforce the President’s tariffs,” the CBP spokesperson said. “We are fully equipped and ready to collect duties owed.”
Tariff rates for specific goods can be found in the Harmonized Tariff Schedule of the U.S.
