President Donald Trump, speaking to reporters as he flew back a day early from the Group of 7 summit in Canada, called both Japan and the EU tough negotiators, but said there's a chance that a deal can be arrived at with Japan.
The additional in-quota Section 232 tariff rate for British cars will be 7.5% under a deal recently concluded with the U.K., so that the combined most-favored nation and 232 tariff will be 10% as long as imports are under the 100,000 annual tariff rate quota amount, beginning seven days after the June 16 executive order is published in the Federal Register.
Senators from both parties asked Treasury Secretary Scott Bessent to respond to a Wall Street Journal editorial headlined "Trump Has No China Trade Strategy." Sen. Todd Young, R-Ind., when he had a chance to ask Bessent questions, quoted from it that Trump "has used tariffs as an economic scatter-gun against friends as well as foes."
A Polish official expressed optimism that the U.S. and European countries could hash out a trade deal soon, even as the 90-day timeline for the pause of reciprocal tariffs ends in less than a month.
Treasury Secretary Scott Bessent said that if 18 major trading partners negotiate in good faith, "it is highly likely ... we will roll the date forward to continue in good faith negotiations." He was referring to the July 9 deadline when country-specific reciprocal tariffs above 10% are due to return.
The last time President Donald Trump attended a Group of 7 meeting in Canada, he insulted Canada's prime minister on social media as he flew home -- then, as now, the relationship with allies was strained due to U.S. tariffs (see 1806110028). It also was the only time a member refused to sign the leaders' communiqué.
As the U.S. Court of Appeals for the Federal Circuit mulls the government's emergency stay motion against a Court of International Trade decision permanently enjoining tariffs issued under the International Emergency Economic Powers Act, five different groups of amici filed briefs at the appellate court either attacking or defending the trade court's ruling.
The parties contesting the government's emergency stay motion at the U.S. Court of Appeals for the Federal Circuit of the Court of International Trade's ruling on the president's use of the International Emergency Economic Powers Act tariffs "mischaracterize" statements made by administration officials on the effect of the CIT's ruling, the U.S. said. Responding to claims from 12 U.S. states and a group of importers, the government argued that the trade court's injunction against the IEEPA tariffs is "legally untenable and risks irreparable economic and national-security harms" (V.O.S. Selections v. Donald J. Trump, Fed. Cir. # 25-1812).
As importers respond to swift changes in the deployment of Section 232 tariffs on steel and aluminum (see 2506030071), they should continue to follow due diligence protocols for entry filing -- and that means even when CBP's guidance on additional subheadings for Section 232 steel and aluminum duties doesn't fully align with what's in official documents, such as the Federal Register, multiple customs attorneys told International Trade Today.
The nonpartisan Congressional Budget Office estimates that there would be $2.5 trillion collected in tariffs -- after accounting for consumer changes -- from 2025 to 2035 if the global 10% reciprocal tariff remained, de minimis was still curtailed, and tariffs on most Chinese products and on some Mexican and Canadian products, as well as 25% tariffs on the auto sector, steel and aluminum, continue during that period. (The estimate was prepared before the president doubled the tariffs on steel and aluminum.)