The Political Orphanage What Can the President Actually Do on Trade?
Nov 20, 2024
James Thatcher, a seasoned trade and logistics expert with over 22 years in the field, shares valuable insights on presidential powers in trade policy. He breaks down the complexities of tariff classifications and their implications in U.S.-China relations. The discussion delves into the legal frameworks surrounding trade, national security concerns related to tariffs, and the historical context of regulations impacting American commerce. Thatcher also advocates for transparency and citizen engagement in trade matters, bringing a wealth of knowledge to this vital topic.
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Presidential Power in Trade
- Congress primarily sets tariff rates, but the President can influence trade policy through other means.
- The President can reclassify countries' trade status, affecting applied tariffs.
Tariff Classification Codes
- The Harmonized Tariff Schedule uses a numerical system to categorize goods for tariffs.
- Countries add digits to this base number for more detailed tracking of specific items.
Presidential Influence on Tariffs
- Congress sets tariff rates, but the President can choose which rate applies to a country.
- This allows the President to influence tariffs without directly setting them.