President Donald Trump touted the secondary tariffs on India, the second-largest purchaser of Russian oil, as action to show his frustration with Russian President Vladimir Putin's continued aggression, when asked by a Polish reporter why he hadn't taken action against Russia to stop the war.
The U.S. apparently failed to implement promised tariff reductions on European Union goods in time for a Sept. 1 deadline outlined in an EU-U.S. joint statement issued Aug. 21.
President Donald Trump claimed that India offered to "cut their Tariffs to nothing," as India's Prime Minister, Narendra Modi, stood firm against U.S. tariff pressure and promised deeper trade ties with Russia.
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.