Postal operators in Australia and Europe reportedly are halting low-value shipments to the U.S. in response to the end of the de minimis exemption on Aug. 29 (see 2507300046).
The Japanese government will meet with local governments, businesses and industry groups in the Chubu, Kinki and Kyushu-Okinawa regions later this month to discuss U.S. tariffs and the outcome of the trade deal reached between the two countries last month (see 2508080013). Business officials and organizations during these meetings “will hear about the impact of the U.S. tariff measures and how to respond to them, and will also exchange opinions on how to use the U.S. tariffs as an opportunity to create success stories,” Japan’s trade ministry said, according to an unofficial translation. The country plans to speak about the tariffs with local governments and businesses in other regions in September.
Beijing pushed back on the notion that the U.S. is considering secondary tariffs against China for purchasing Russian oil, saying it has a right to buy Russian energy.
The EU on Aug. 5 published a document to officially suspend the retaliatory tariffs it was set to impose on the U.S. on Aug. 7 (see 2507250007) if the two sides hadn’t come to a trade agreement. The U.S. and the EU announced a trade deal last last month (see 2507280027 and 2507280032), and suspending its retaliatory duties will help “ensure effective implementation of the political agreement,” the European Commission said in a document posted to the Official Journal of the EU. “The Commission should keep the suspension under review in light of further developments in the trade relations with the United States, and may take further actions.”
European Commission trade spokesperson Olof Gill, in a briefing in Brussels, said that the U.S. intention to allow some European steel to be imported without facing a 50% tariff will be in the forthcoming joint statement on the trade agreement. He said the work to set up the quota would follow.
Switzerland's government said it will continue negotiations in the hopes of avoiding 39% U.S. tariffs that begin Aug. 8, which it says will apply to 60% of its exports. Pharmaceuticals, a major product from Switzerland, are not subject to reciprocal tariffs.
A potential Chinese blockade of Taiwan could significantly affect trade routes to and from Asia, along with broader supply chains that depend on the region, said Eric Heginbotham, an international studies research scientist at the Massachusetts Institute of Technology.
Dominic LeBlanc, Canada's minister for U.S.-Canada trade relations, said that while conversations with Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer have been cordial and productive, "we're not yet where we need to go to get the deal that's in the best interest of the two economies."
Multiple countries said they're still assessing the impact of the new U.S. tariffs that took effect Aug. 1 (see 2507310081), although some that agreed to deals, including the EU and South Korea, said they now have more stability for their industries.
The EU on July 24 published an updated list of retaliatory tariffs it may impose against the U.S. in case it can't reach an agreement with the Trump administration to reverse threatened U.S. duties on steel, aluminum, cars and other goods (see 2507140040). The list includes more than 200 pages of commodity codes, with increased duties of up to 30% on agricultural goods, aircraft, cars, medical devices and electronics. The retaliatory duties will take effect Aug. 7 if the two sides don't come to a solution, the EU said.