Treasury Secretary Scott Bessent said in an interview with CNBC on July 3 that the Vietnam deal is "finalized in principle" and that 20% will replace the current 10% reciprocal tariff. As for which goods will be subject to 40% tariffs, Bessent didn't add any clarity. "A huge amount of the trade that comes from Vietnam is what’s called transshipment from China," he said. "We’ll see what happens with the transshipment."
No part of an e-tailing franchise fee payment that a buyer makes to a seller should be included in the price actually paid, according to a March 6 CBP ruling. This also applies to situations where an e-tailing fee payment is added as a statutory addition or is tacked on to what is payable for the merchandise, the ruling determined.
The International Trade Commission posted Revision 16 to the 2025 Harmonized Tariff Schedule. The semiannual update to the HTS adds new 10-digit tariff numbers for a variety of products, including coffee, refrigerators, wind turbine parts and integrated circuits, among other goods. All changes take effect July 1, unless otherwise specified.
President Donald Trump posted on social media that Vietnamese goods would face a 20% tariff, rather than an originally proposed 46% reciprocal tariff, in exchange for zero tariffs on U.S. exports.
International Trade Today is providing readers with the top stories from last week in case they were missed. All articles can be found by searching on the titles or by clicking on the hyperlinked reference number.
The Senate passed the Trump tax bill with a tie-breaking vote from the vice president on July 1. The House of Representatives will vote on whether it will accept the Senate's changes to its bill.
CBP is embarking on a radical restructuring of the Commercial Customs Operations Advisory Committee, directing all COAC subcommittees and workgroups to complete their work by the advisory body’s September meeting as the agency brings “all existing COAC subcommittees and related workgroups to a close,” according to an email obtained by International Trade Today.
Canada backed down on implementing its digital services tax, which was to start collection on June 30, after President Donald Trump said on June 27 he was ending trade negotiations with Canada over the issue.
Treasury Secretary Scott Bessent, on Bloomberg Television on June 30, didn't predict how many deals would be announced with the 18 largest trading partners of the U.S. before July 9. However, he said that countries "are coming in with offers" that long-time staff negotiators "can't believe," because they're so good.
The latest version of the tax bill introduced by the Senate over the weekend ends commercial de minimis on July 1, 2027, as the House version does. The Congressional Budget Office estimates that would increase revenues by $39 billion between 2027 and 2034.