CBP will be watching for entries that don't fully calculate the duty value of merchandise that falls under Section 232 duties for copper and intensive copper derivatives products, according to a cargo systems message offering guidance on the tariff that was announced earlier this week (see 2507300061). The Section 232 tariff calls for a 50% ad valorem duty on all imports of semi-finished copper products and intensive copper derivative products from all countries.
Treasury Secretary Scott Bessent was asked by a CNBC host if the administration meant for automaker Ford to have $800 million in tariff costs in three months, driving it to a loss. Bessent said that the Ford F150 and F250 use aluminum rather than steel, and therefore, "I think maybe the aluminum tariffs hit them harder."
Goods from Mexico that aren't subject to Section 232 tariffs will continue to be excluded from tariffs if they can meet USMCA rules of origin, as will auto parts, President Donald Trump announced about 12 hours ahead of the deadline. For goods outside the Section 232 action, and not eligible for the free-trade agreement benefit, Trump had said the rate would go from 25% to 30%.
The scope of the Section 232 copper tariffs is narrower than was expected, as the 50% rate only applies to semi-finished copper products, such as copper pipes, wires, rods, sheets, and tubes, and products that use a lot of copper, such as pipe fittings, cables, connector and electrical components -- not to copper ores, concentrates, mattes, cathodes, anodes, or copper scrap.
The U.S. is imposing an additional 40% duty on certain imports from Brazil, according to a new executive order released by the White House, bringing the total tariff rate to 50%. Trump, invoking the International Emergency Economic Powers Act, said the duties are in response to policies, practices, and actions of the Brazilian government that threaten the national security, foreign policy and economy of the U.S.
President Donald Trump, invoking the International Emergency Economic Powers Act, is imposing an additional 40% duty on some imports from Brazil, bringing the total tariff rate to 50%.
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.