Sen. Tim Kaine, D-Va., Senate Minority Leader Chuck Schumer of New York, Senate Finance Committee ranking member Ron Wyden of Oregon and Sen. Jeanne Shaheen, D-N.H., made a joint announcement July 31 that they will request a vote to end the new International Emergency Economic Powers Act declaration for Brazil, that underpins an additional 40% tariff on a portion of Brazil's exports.
On the eve of more tariff hikes, four prominent Senate Democrats decried what they said were so-called deals -- or, as Senate Minority Leader Chuck Schumer put it, "a raw deal for the American people."
Treasury Secretary Scott Bessent was asked by a CNBC host if the administration meant for automaker Ford to have $800 million in tariff costs in three months, driving it to a loss. Bessent said that the Ford F150 and F250 use aluminum rather than steel, and therefore, "I think maybe the aluminum tariffs hit them harder."
Goods from Mexico that aren't subject to Section 232 tariffs will continue to be excluded from tariffs if they can meet USMCA rules of origin, as will auto parts, President Donald Trump announced about 12 hours ahead of the deadline. For goods outside the Section 232 action, and not eligible for the free-trade agreement benefit, Trump had said the rate would go from 25% to 30%.
President Donald Trump posted on social media that "We have agreed to extend, for a 90 Day period, the exact same Deal as we had for the last short period of time, namely, that Mexico will continue to pay a 25% Fentanyl Tariff, 25% Tariff on Cars, and 50% Tariff on Steel, Aluminum, and Copper."
The White House is leaving most countries that buy more U.S. exports than they sell to the U.S. at a 10% tariff, and is increasing tariffs from 10% to somewhere between 15% and 41% for countries that have trade deficits with the U.S., with a notable exception -- Nicaragua, which will remain at 10%.
The ability to import low-value packages duty-free will end for goods from around the world on Aug. 29, the president declared in an executive order July 30.
President Donald Trump, in a July 30 social media post, said that he had "agreed to a Full and Complete Trade Deal with the Republic of Korea. The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President. Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products and, further, South Korea has agreed to invest a large sum of money for their Investment purposes."
President Donald Trump said July 30 that Indian goods will face a 25% tariff, plus an unspecified penalty, for buying Russian energy and military equipment "at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE... ."
The scope of the Section 232 copper tariffs is narrower than was expected, as the 50% rate only applies to semi-finished copper products, such as copper pipes, wires, rods, sheets, and tubes, and products that use a lot of copper, such as pipe fittings, cables, connector and electrical components -- not to copper ores, concentrates, mattes, cathodes, anodes, or copper scrap.