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."
European Commission President Ursula von der Leyen said "all aircraft and component parts, certain chemicals, certain generics, semiconductor equipment, certain agricultural products, natural resources and critical raw materials" from EU countries will be duty-free in the U.S. as part of a trade deal between the two sides.
Five trade groups representing steel producers asked the president not to allow "special arrangements," such as the one promised to the U.K., to eliminate or reduce Section 232 tariff coverage.
Section 232 tariffs are necessary to combat China's trade practices, the Coalition for a Prosperous America said in a July 23 report.
Sen. Peter Welch, D-Vt., joined by two moderate Republicans, Minority Leader Chuck Schumer, and other Democrats, introduced a bill this week that would exempt small businesses from paying tariffs levied on Canada under the fentanyl emergency. Small businesses are defined by the Small Business Administration, based on either average employment or recent annual revenues, and some manufacturers can have as many as 1,500 employees. Small retailers, depending on the sector, may qualify with annual revenues at or below $9 million to $47 million.
Rep. Suzan DelBene, D-Wash., a lead sponsor of the Prevent Tariff Abuse Act, has convinced 71 other Democrats to join her in clarifying that the International Emergency Economic Powers Act doesn't give a president the ability to impose quotas, tariff rate quotas or tariffs on imports.
Although a majority of the Senate voted to end the underlying emergency that allowed the president to impose 25% tariffs on Canadian goods, a vote was blocked in the House.
President Donald Trump reached a deal with Japan, which reduces 25% tariffs on cars to 15% -- including the 2.5% MFN rate -- with no quota on imports, according to a poster shared by a White House official on X, and a clarification about the details of the car arrangement from Japan's prime minister.
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