The U.S. Customs and Border Protection (CBP) is currently amassing more than $200 million daily in additional funds due to the enforcement of extensive new tariff measures. President Donald Trump 's "Liberation Day" plan.
“During this administration, CBP has effectively carried out 13 tariff-related executive orders,” stated a CBP representative to FOX Business. “Operating at the forefront of our nation, CBP rigorously upholds all regulations and presidential instructions to protect our country’s economic autonomy.”
Leveraging authorities granted through the Trade Expansion Act of 1962 and the International Emergency Economic Powers Act (IEEPA), the Trump administration has set its sights on products originating from numerous nations, with China being one of them.
On April 3, the U.S. introduced a 25% tariff on all imported passenger cars and light trucks from every nation, followed by an additional 10% tariff on Saturday. global tariff took effect Under the IEEPA, CBP stated, with some exceptions.
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Starting April 9, 86 nations will encounter new reciprocal tariffs that range between 11% and 50%, though certain exceptions apply. Additionally, as of May 2, items originating from China and Hong Kong with an individual value not exceeding $800, which are sent through channels beyond the international postal service, will lose their eligibility for exemption from duties and must instead pay regular rates, as stated by CBP.
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In the meantime, beginning in May, postal deliveries originating from China and Hong Kong will be subject to a duty of either 30% or $25 per item, with the higher amount being applied. This tariff will rise to $50 per item effective June 1st.
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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 generated billions of dollars in revenue. earlier Trump executive orders .
This encompasses $4.8 billion under EO 14195, which aims at synthetic opioids from China ; $861 million allocated through Executive Order 14193, designed to halt drug trafficking from Canada; more than $2 billion set aside via Executive Order 14194, tackling trade problems along the southern border; and $1 billion gathered from tariffs imposed on steel and aluminum under Section 232.
The CBP is ideally situated to put into action and enforce the President's tariffs," stated the CBP representative. "We have all necessary resources and are prepared to gather the due duties.
Tariff rates for particular items can be located in the Harmonized Tariff Schedule of the United States . S.
Original article source: CBP is already gathering 'Liberation Day' tariffs, generating more than $200 million daily in extra income.