After two days of talks between U.S. and Chinese officials, Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer said that they and Chinese counterpart Vice Premier He Lifeng have a "framework" for a deal for China's Byte Dance to divest TikTok to U.S. buyers, and that deal will be completed on Sept. 19 as Chinese President Xi Jinping and President Donald Trump talk about the divestiture.
President Donald Trump posted over the weekend that he is prepared to levy new sanctions against Moscow if U.S. allies stop purchasing Russian oil and potentially put in place other sanctions against the country.
Footwear Distributors and Retailers of America CEO Matt Priest said shoe importers expect to pay $5 billion in tariffs this year, up from $3 billion last year, given the additional 30% tariffs on Chinese shoes, 20% on Vietnamese shoes, and 19% on Indonesian shoes. Last month, shoe importers owed $635 million in tariffs, up 108% from the month before.
Commerce Secretary Howard Lutnick said, "We’ve got a big deal coming with Taiwan," during a CNBC interview Sept. 11.
Former U.S. trade representative Michael Froman said the standards set by the World Trade Organization have been under stress for 15 years, and that its principles of global non-discrimination, bound tariff levels and restrictions on what can count as a bilateral or regional trade deal are dead for good.
Sen. Lindsey Graham, R-S.C., the leading Republican for a secondary tariffs bill supported by 85 senators, said that he talked to President Donald Trump on Sept. 11 about "moving forward" with secondary tariffs on countries that buy Russian oil and gas. He said he was encouraging him to look upon the Russia sanctions bill as something that would help him, "basically, giving him the authority to do what he's doing, which would help him in court."
Rep. Henry Cuellar, D-Texas, said he has met with customs brokers each of the last three days, and their main ask is no more executive orders changing tariffs that are released on a Friday afternoon or night and take effect on Monday.
Sen. Edward Markey, D-Mass., Minority Leader Chuck Schumer, D-N.Y., and eight other Democrats introduced a bill to require that small businesses receive refunds of the reciprocal tariffs within 90 days.
The EU wasn't willing to gamble on a trade war, European Commission President Ursula von der Leyen said in her annual "State of the EU" speech.
Nine legislative days before three trade preference programs expire, Senate Finance Committee Chairman Mike Crapo, R-Idaho, said both he and House Ways and Means Committee Chairman Jason Smith, R-Mo., are working to make sure the tariff breaks for these developing countries continue past Sept. 30.