EU Trade Minister Maros Sefcovic said that the EU "will need to translate key elements of the joint statement into legislative proposals," and that politicians have a "firm intention" to "present these legislative proposals and launch this process still this month."
Treasury Secretary Scott Bessent told Fox News host Laura Ingraham that while he expects more trade talks with China in the next two months, the administration is "very happy" with the current combination of Section 301 tariffs, 20% fentanyl tariffs and 10% reciprocal tariffs on Chinese goods, he said.
The president of the American Soybean Association told President Donald Trump that soybean farmers "cannot survive a prolonged trade dispute with our largest customer," urging him to have his trade team persuade China to drop its 20% tariff on American soybeans.
Businesses should anticipate that even more derivative products could be added to the list of Section 232 tariffs for steel and aluminum (see 2508150063), Flexport senior trade advisory manager Anna Zajac said during an Aug. 20 company webinar on the tariffs.
The Japanese government will meet with local governments, businesses and industry groups in the Chubu, Kinki and Kyushu-Okinawa regions later this month to discuss U.S. tariffs and the outcome of the trade deal reached between the two countries last month (see 2508080013). Business officials and organizations during these meetings “will hear about the impact of the U.S. tariff measures and how to respond to them, and will also exchange opinions on how to use the U.S. tariffs as an opportunity to create success stories,” Japan’s trade ministry said, according to an unofficial translation. The country plans to speak about the tariffs with local governments and businesses in other regions in September.
Commerce Secretary Howard Lutnick said that details in writing on the South Korean and Japanese trade deals will come in "kind of weeks."
Treasury Secretary Scott Bessent defended the plan to impose higher tariffs on India over its Russian oil purchases, but not on China, arguing that India's purchase patterns shifted sharply after the invasion of Ukraine.
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.
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."
In the Aug. 15 International Trade Today article (see 2508150032), customs lawyer Jen Diaz asked about CBP's process for applying additional tariffs for transshipment: "How is CBP making this determination? Is CBP going to start treating this more like a forced labor evaluation?"