Former trade negotiators and government trade advisers from both the Office of the U.S. Trade Representative and Canada described the negotiating process of the last three months as one wherein even Cabinet members couldn't promise that a deal was done.
President Donald Trump, during a call-in interview on CNBC, said that he is going to raise India's 25% reciprocal tariff level "very substantially over the next 24 hours because they’re buying Russian oil, they’re fueling the war machine."
The recent trade deal announced between the U.S. and South Korea avoided the worst-case scenarios on the table and maintains comparative advantage with competitors, according to economists and experts on U.S.-Korea relations at the Center for Strategic and International Studies.
The Section 232 tariffs on copper and its derivatives appear to have been developed under a greater understanding of how U.S. manufacturing works, according to trade expert Cindy Allen, who appeared on an Aug. 1 "Simply Trade" podcast episode to discuss the numerous U.S. trade actions that occurred last week.
Switzerland's government said it will continue negotiations in the hopes of avoiding 39% U.S. tariffs that begin Aug. 8, which it says will apply to 60% of its exports. Pharmaceuticals, a major product from Switzerland, are not subject to reciprocal tariffs.
A potential Chinese blockade of Taiwan could significantly affect trade routes to and from Asia, along with broader supply chains that depend on the region, said Eric Heginbotham, an international studies research scientist at the Massachusetts Institute of Technology.
Dominic LeBlanc, Canada's minister for U.S.-Canada trade relations, said that while conversations with Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer have been cordial and productive, "we're not yet where we need to go to get the deal that's in the best interest of the two economies."
The International Trade Commission published notices in the Aug. 4 Federal Register on the following antidumping and countervailing duty (AD/CVD) injury, Section 337 patent or other trade proceedings (any notices that warrant a more detailed summary will be in another ITT article):
The Commerce Department published notices in the Federal Register Aug. 4 on the following antidumping and countervailing duty (AD/CVD) proceedings (any notices that announce changes to AD/CVD rates, scope, affected firms or effective dates will be detailed in another ITT article):
The Commerce Department is giving advance notice that in automatic five-year sunset reviews scheduled to begin in September it will consider revoking the antidumping duty and countervailing duty orders on kitchen appliance shelving and racks from China (A-570-941/C-570-942), as well as the antidumping duty order on steel concrete reinforcing bar from Mexico (A-201-844) and the countervailing duty order on steel concrete reinforcing bar from Turkey (C-489-819). These orders will be revoked, or the investigation terminated, unless Commerce finds that revocation would lead to dumping and the International Trade Commission finds that revocation would result in injury to the U.S. industry, Commerce said.