South Korea is likely waiting for a more definitive trade agreement with the U.S., especially as the two countries seem to reflect differing opinions on what deals have been affirmed, according to experts' observations of the Aug. 25 meeting at the White House between President Donald Trump and South Korean President Lee Jae Myung (see 2508250065).
Jewelers of America's and the International Diamond Manufacturers Association's leadership met with Peter Navarro last week to argue that diamonds shouldn't be subject to reciprocal import duties.
More international postal carriers have announced that they are temporarily suspending shipments to the U.S. that would've been eligible for the de minimis exception, according to multiple news sources (see 2508210036).
Vice President JD Vance said that the U.S. is imposing secondary tariffs on India for buying Russian oil, and not China, because China already has high tariffs.
CBP has announced the Harmonized Tariff Schedule subheadings that will apply for goods imported from India that are subject to an additional 25% tariff beginning Aug. 27, according to an Aug. 25 cargo systems message and a Federal Register notice.
CBP on Aug. 21 updated its Frequently Asked Questions on the International Emergency Economic Powers Act to clarify how additional 25% tariffs on Brazilian goods and the 25% tariff on India for its Russian oil imports figure into unstacking provisions.
Crowell & Moring partner David Stepp, a trade expert in the Los Angeles office, said that he and other trade lawyers have been hearing rumors about how the Trump administration will define "transshipment" in its reciprocal trade agreements. He said the rumor is that details will be released "in coming days."
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."
The U.S. will lower tariffs on EU goods covered by the automotive Section 232 action from 25% plus the most favored nation rate to a flat 15% as soon as the European Parliament introduces legislation to eliminate its industrial tariffs. A joint statement issued by the two sides Aug. 21 said the "tariff reductions are expected to be effective from the first day of the same month in which the European Union’s legislative proposal is introduced."
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.