Recent U.S. trade actions, such as the IEEPA tariffs on China, Canada and Mexico, the Section 232 tariffs on steel and aluminum derivatives, and the temporarily paused reciprocal tariffs on dozens of countries worldwide, could cause global container volumes to slump by 1% in 2025, according to U.K-based maritime shipping advisory firm Drewry.
In an interview with Time magazine, President Donald Trump said he delayed the country-by-country reciprocal tariff rates in early April not because the bond market was panicking, but because he needed time to come up with rates that they deserve.
CBP on April 24 quietly removed from its list of FAQs on the International Emergency Economic Powers Act tariffs a question about limits on informal entry.
Amid swirling reports that China is considering exemptions from tariffs on some critical U.S. goods, an industry expert said that these moves should not be read as a broader shift in the trade war between the two countries.
Treasury Secretary Scott Bessent said that trade negotiations with South Korea are "moving faster" than expected and that technical details could be available as soon as next week.
The 12 states that recently launched a lawsuit against all tariff action taken by President Donald Trump under the International Emergency Economic Powers Act will begin working on a preliminary injunction motion against the tariffs "in the near future," Oregon Attorney General Dan Rayfield told us. Rayfield was confident in the prospect of being able to show that Oregon and its many public institutions will suffer "irreparable harm" without the injunction and that a judge will be willing to question the validity of Trump's declaration that bilateral trade deficits amount to an "unusual and extraordinary" threat.
World Trade Organization Director-General Ngozi Okonjo-Iweala told former U.S. Trade Representative Michael Froman that she had a meeting with USTR Jamieson Greer "yesterday that was a little bit comforting," but that the current 10% U.S. tariff on most countries, plus 25% tariffs on cars, steel and aluminum and some products from Canada and Mexico, and 145% tariffs on Chinese imports, if it lasts, will result in global merchandise trade falling by 0.2%. Before the actions, the WTO forecast a 2.7% growth in goods trade this year.
Twelve U.S. states led by Oregon filed a lawsuit April 23 against all of President Donald Trump's tariffs imposed under the International Emergency Economic Powers Act. The states' complaint argues that Trump exceeded his authority as established in IEEPA, since the "annual U.S. goods trade deficits" are not an "unusual and extraordinary threat." The states also argue that neither the reciprocal tariffs, nor the tariffs on China, Canada and Mexico imposed to address drug trafficking, establish a sufficient nexus to the claimed emergencies (The State of Oregon v. Donald J. Trump, CIT # 25-00077).
Experts predicted that a trade deal between the United States and China is unlikely in the short term and that any deal will depend on "some sort of down payment" by China before negotiations can begin.
A former staffer in the Office of the U.S. Trade Representative during President Donald Trump's first term and a Harvard professor agreed on very little in a debate hosted by The Federalist Society on Trump's tariffs and trade policy.