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.
President Donald Trump, after softening his tone on India with reporters earlier in the day, posted angrily about India and its purchases of Russian oil at midnight on July 31.
President Donald Trump sent letters to AbbVie, Amgen, AstraZeneca, Boehringer Ingelheim, Bristol Myers Squibb, Eli Lilly, EMD Serono, Genentech, Gilead, GSK, Johnson & Johnson, Merck, Novartis, Novo Nordisk, Pfizer, Regeneron and Sanofi, posting several of them online, telling them they should, within 60 days, set prices for Medicaid at the same level as the cheapest price their drugs are sold in a developed country; contract that when new drugs are launched, Medicaid, Medicare and private insurers all get that global low price; and allow direct-to-consumer sales for high-volume drugs, as long as those sales are at the same price as to insurers.