President Donald Trump expressed pessimism about reaching a trade deal with Japan, and suggested that the tariff rate would be higher than the 24% country-specific rate briefly in effect April 9 in comments to reporters traveling on Air Force One July 1.
President Donald Trump announced on social media that he has arrived at a deal with Vietnam, and its goods will face a 20% tariff. If goods are transshipped, the president said, they will pay 40% tariffs. "In return, Vietnam will do something that they have never done before, give the United States of America TOTAL ACCESS to their Markets for Trade. In other words, they will “OPEN THEIR MARKET TO THE UNITED STATES,” meaning that, we will be able to sell our product into Vietnam at ZERO Tariff. It is my opinion that the SUV or, as it is sometimes referred to, Large Engine Vehicle, which does so well in the United States, will be a wonderful addition to the various product lines within Vietnam."
President Donald Trump posted on social media that Vietnamese goods would face a 20% tariff, rather than an originally proposed 46% reciprocal tariff, in exchange for zero tariffs on U.S. exports.
Rep. Chris Deluzio, D-Pa., and four other House Democrats wrote to the president with questions about possible tariff rate quotas for Mexican steel, after reading reports that the U.S. might agree to drop 50% tariffs on Mexican steel in a TRQ arrangement.
International Trade Today is providing readers with the top stories from last week in case they were missed. All articles can be found by searching on the titles or by clicking on the hyperlinked reference number.
Treasury Secretary Scott Bessent, on Bloomberg Television on June 30, didn't predict how many deals would be announced with the 18 largest trading partners of the U.S. before July 9. However, he said that countries "are coming in with offers" that long-time staff negotiators "can't believe," because they're so good.
The Supreme Court's recent decision to eliminate nationwide injunctions won't impact the Court of International Trade, attorneys told us. The trade court is a court of national jurisdiction and will keep the right to issue nationwide injunctions for issues within its jurisdiction, the attorneys said.
President Donald Trump and Treasury Secretary Scott Bessent, in different appearances on the same day, said that negotiations do not need to conclude by July 8 to avoid higher reciprocal tariff rates at 12:01 July 9.
Two former general counsels from the Office of the U.S. Trade Representative disagreed sharply about the need for the current aggressive tariff hikes. But Jennifer Hillman, who is helping to write amicus briefs for members of Congress challenging the legality of International Emergency Economic Powers Act tariffs, and Steven Vaughn, who served in the first Trump administration, agree what would happen if the current administration loses the case.
President Donald Trump, on social media, said the U.S. is "hereby terminating ALL discussions on Trade with Canada, effective immediately" because its digital services tax is not being delayed. The first payments are due on July 1.