A U.S.-U.K. trade deal announced in the Oval Office leaves the average tariff on U.K. goods at 10%; however, aerospace engines and parts will enter duty-free.
President Donald Trump, responding to a reporter's quote from Treasury Secretary Scott Bessent that the administration is considering tariff exemptions for car seats from China [see Ref:2505060052]), said he doesn't know if he wants to do that.
Treasury Secretary Scott Bessent, after an evening announcement that he would travel to Switzerland to have trade talks with China on May 10 and 11, said that at current levels of tariffs, there's a trade embargo between the two countries.
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.
President Donald Trump, ahead of a meeting with Canadian Prime Minister Mark Carney, denied that his tariff actions against Canada and Mexico have killed USMCA, but also cast doubt on its future. He said USMCA "was a transitional deal" to move away from NAFTA, and said "we'll see what happens" with the renegotiation. He said it could be adjusted, or terminated.
There "very well could be" a trade deal announced this week, President Donald Trump told reporters on Air Force One as he traveled back from Florida to Washington on May 4, but he said these won't be tariff negotiations that lead to a signing ceremony, in most cases.
Hogan Lovells lawyers, speaking to an audience from the Massachusetts Export Center, said that conservative Supreme Court justices' desire to curtail executive decision-making through the "major questions doctrine" could put a stop to tariffs on countries around the world levied via the International Emergency Economic Powers Act, or IEEPA.
The Senate had a tie vote, 49-49, as it took up the question of revoking the trade deficit emergency President Donald Trump declared, which underpins his decision to put 10% tariffs on every country except Canada, Mexico and China, and 125% on China.
Rep. Mike Lawler, a New York Republican who helped Republicans recapture the House majority in 2022, said Congress will seek to intervene if the administration seeks to re-implement the high country-specific reciprocal tariffs that it had planned but paused for 90 days.
The nominee to lead CBP, former Border Patrol Chief Rodney Scott, told the Senate Finance Committee that during high school in Nogales, Arizona, a lot of his friends' parents were customs brokers, so he saw the importance of free-flowing goods across borders.