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• Some goods will not be subject to the temporary import duty because of the needs of the U.S. economy or in order to ensure the duty more effectively addresses the fundamental international payments problems facing the United States, including:
+ certain critical minerals, metals used in currency and bullion, energy, and energy products;
+ natural resources and fertilizers that cannot be grown, mined, or otherwise produced in the United States or grown, mined, or otherwise produced in sufficient quantities to meet domestic demand;
+ certain agricultural products, including beef, tomatoes, and oranges;
+ pharmaceuticals and pharmaceutical ingredients;
+ certain electronics;
+ passenger vehicles, certain light trucks, certain medium and heavy-duty vehicles, buses, and certain parts of passenger vehicles, light trucks, heavy-duty vehicles, and buses;
+ certain aerospace products; and
+ informational materials (e.g., books), donations, and accompanied baggage.
• In addition, the following goods will not be subject to the temporary import duty:
+ all articles and parts of articles that currently are or later become subject to section 232 actions;
+ USMCA compliant goods of Canada and Mexico; and
+ textiles and apparel articles that enter duty-free as a good of Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, or Nicaragua under the Dominican Republic-Central America Free Trade Agreement.
• In a separate Executive Order, President Trump also reaffirmed and continued the suspension of duty-free de minimis treatment for low-value shipments, including goods shipped through the international postal system, which will also be subject to the temporary import duty imposed under section 122.
• In addition to today’s actions, the President has directed the Office of the United States Trade Representative to use its section 301 authority to investigate certain unreasonable and discriminatory acts, policies, and practices that burden or restrict U.S. commerce.
ADDRESSING FUNDAMENTAL INTERNATIONAL PAYMENT PROBLEMS: The United States faces fundamental international payment problems, in particular a large and serious balance-of-payments deficit.
• As a result of its loss of domestic production, the United States must import much of what it consumes, sending U.S. dollars out of our own economy and overseas.
• A measurement for the U.S. balance-of-payments is the current account, which tracks the three ways a country can make money: (1) selling goods and services overseas, or the “trade balance of goods and services”; (2) return on investment or labor, or the “balance on primary income”; and (3) voluntary transfers, like remittances, or the “balance on secondary income.”
• The United States not only runs an overall current account deficit, but also a deficit in each component of the current account.
+ The annual U.S. goods trade deficit exploded by over 40% during the Biden Administration, reaching $1.2 trillion in 2024.
+ In 2024, for the first time in more than 60 years, the United States made less on the capital and labor it deployed abroad than foreigners made on the capital and labor they deployed in the United States.
+ At present, more money is transferred out of the United States through remittances than money is transferred in.
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