South Korea is likely waiting for a more definitive trade agreement with the U.S., especially as the two countries seem to reflect differing opinions on what deals have been affirmed, according to experts' observations of the Aug. 25 meeting at the White House between President Donald Trump and South Korean President Lee Jae Myung (see 2508250065).
Vice President JD Vance said that the U.S. is imposing secondary tariffs on India for buying Russian oil, and not China, because China already has high tariffs.
Canadian Prime Minister Mark Carney said that Canada is dropping its retaliatory tariffs on American exports -- except for those in steel, aluminum and autos -- as long as those U.S. goods qualify for USMCA.
Less than two weeks ago, President Donald Trump issued an executive order to impose an additional 25% tariff on Indian goods because that country is importing Russian oil, and Russia's actions in Ukraine are "an unusual and extraordinary threat to the national security and foreign policy of the United States." He said that if Russia were to "take significant steps to address the national emergency described in section 1 of this order and align sufficiently with the United States on national security, foreign policy, and economic matters, I may further modify this order."
Tariffs on steel, chips and semiconductors will come into effect by next week or the week after, President Donald Trump said on Aug. 15.
Asking other countries to open their markets to more exports from the U.S. is causing significant changes to how countries have historically conducted trade, according to speakers on Gibson Dunn's Aug. 8 webinar "U.S. Trade Policy: Navigating Uncharted Waters."
Treasury Secretary Scott Bessent urged the Group of Seven nations to follow the U.S. in imposing secondary tariffs on countries that continue to buy Russian oil, including possibly China.
Treasury Secretary Scott Bessent said that wrapping up remaining trade deals by October is "aspirational" in part because India has been "recalcitrant" during trade negotiations.
President Donald Trump said that he is open to the possibility of normalizing trade relations with Russia if his upcoming meeting with Russian President Vladimir Putin goes well.
President Donald Trump denied having said he would impose Russia-related secondary tariffs of 100%, but said a decision on what tariffs would be imposed for countries buying Russian energy would be decided on Aug. 6.