Trade and tariffs are at the top of President Trump’s agenda. As tariff talk continues into 2025, here are some key terms and phrases that will come up for debate.
Dumping
Dumping is an unfair trade practice when a country exports goods at a price less than their fair market value, in order to obtain an unfair price advantage over domestically produced goods in the U.S. market.
Exclusions
When an across-the-board tariff is imposed on a category of goods, the U.S. Trade Representative may exclude certain products on a case-by-case basis. HIDA has advocated for medical products to be excluded from tariff increases.
IEEPA
The International Emergency Economic Powers Act of 1977 (IEEPA) authorizes the President to regulate international commerce after declaring a national emergency in response to any unusual and extraordinary threat to the United States. President Trump has contemplated tariffs against Mexico and Canada in response to a national emergency regarding border security.
PNTR
Permanent Normal Trade Relations (PNTR) is a legal status whereby the United States agrees to grant a foreign country the same trade benefits as that the U.S. offers to any other country in the world that it trades with. Congress is considering legislation to revoke PNTR status between the United States and China.
Section 301
Under Section 301 of the Trade Act of 1974, tariffs may be applied to imports coming from nations that the United States has found to be violating fair trade practices. The United States has imposed Section 301 tariffs on a variety of products from China.