US trade rep tells Kudlow tariffs are part of policy landscape going forward

Core Insights - The U.S. is initiating investigations into unfair practices by several countries regarding the screening of American films, which may lead to a 100% tariff on Hollywood movies [2][3][5] - The U.S. Trade Representative highlighted the need for tariffs on various sectors to control trade deficits and reshore manufacturing for economic and national security reasons [10][18] - The average tariff on China is currently around 55%, with a 30% reduction in the trade deficit reported this year [18][26] Tariff Details - New tariffs include 100% on pharmaceuticals, 50% on kitchen cabinets, 25% on heavy trucks, and 30% on upholstered furniture [7][10] - The U.S. has two tariff programs: reciprocal tariffs based on trade surpluses and sectoral tariffs aimed at specific industries [8][10] - The U.S. is generating approximately $300 billion in tariff revenues annually, with minimal evidence of price increases for goods due to these tariffs [20][21] International Relations - Ongoing discussions with China focus on securing government approval for commercial deals, particularly regarding TikTok [16][19] - The U.S. is engaging with Southeast Asian countries to finalize formal trade deals, with a presidential visit to Asia planned for the end of October [22][23] - The U.S. Trade Representative emphasized the importance of maintaining stable trade relations with China while avoiding economic coercion [18][19]