A July benchmarking survey from the U.S. Fashion Industry Association found that executives from 25 leading U.S. fashion companies have been diversifying their sourcing as part of a wider strategy to hedge against higher tariffs and U.S. trade policy uncertainties.
Sen. Josh Hawley, R-Mo., one of the leading populist voices in the Senate, introduced a bill this week that would send checks of at least $600 to most adults who file tax returns, as a rebate for tariff costs.
President Donald Trump, in a gaggle with reporters on his plane as he returned from Scotland, said that he will impose tariffs to pressure Russia on Aug. 8, 10 days from now.
An entry of gold jewelry from Oman qualifies for duty-free treatment under the U.S.-Oman Free Trade Agreement Implementation Act, importer Empire Jewelry argued in a July 28 complaint to the Court of International Trade. The importer noted that CBP doesn't disagree as to the Harmonized Tariff Schedule subheading that applies to the case, subheading 7113.19.5090, but rather whether the jewelry originates in Oman under the terms of the FTA (Empire Jewelry v. United States, CIT # 24-00127).
CBP issued the following releases on commercial trade and related matters:
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The European Union, in a fact sheet released July 29, said that tariffs on EU exports to the U.S. will change from 10% plus the most-favored nation tariff to 15%, except for goods that have an MFN rate higher than 15%, and for aircraft and aircraft parts, certain generic drugs and natural resources. In the case of those exceptions, the standard MFN rates apply.
Treasury Secretary Scott Bessent told reporters in Stockholm, Sweden, that the Chinese delegation spoke too early when they said the two sides agreed to another 90 days at current tariff levels, because the president is the one to decide. However, in a later interview with CNBC, Bessent said the meetings had been "highly satisfactory."
Although deals have not been announced with South Korea, Mexico or Canada -- some of the biggest trading partners for the U.S. -- U.S. Trade Representative Jamieson Greer told CNBC that, "we don't feel any pressure to have deals" ahead of Aug. 1, when tariffs are slated to go up on all countries that have goods trade deficits with the U.S."
Rep. Haley Stevens, D-Mich., introduced a bill last week that would grant the U.S. trade representative the authority to extend existing 100% tariffs on Chinese electric vehicles to autos produced by Chinese firms, no matter where they were assembled.