Asking other countries to open their markets to more exports from the U.S. is causing significant changes to how countries have historically conducted trade, according to speakers on Gibson Dunn's Aug. 8 webinar "U.S. Trade Policy: Navigating Uncharted Waters."
Treasury Secretary Scott Bessent said that wrapping up remaining trade deals by October is "aspirational" in part because India has been "recalcitrant" during trade negotiations.
The U.S. Court of Appeals for the Federal Circuit will likely rule against the Trump administration in the lead case on the legality of tariffs imposed under the International Emergency Economic Powers Act, though it's unclear under what exact rationale the court will do so, said Peter Harrell, a former National Security Council official during the Biden administration.
The threat of the Trump administration's tariff policy looms over the upcoming USMCA review, causing former officials involved in the initial negotiations to warn that the review may turn into a non-stop renegotiation complicated by tariff discussions.
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The American Apparel and Footwear Association thanked the Trump administration's suspension of higher tariff rates on China, but said the measure only keeps American companies and consumers "stuck in the same holding pattern" since President Donald Trump's "Liberation Day" tariffs were announced.
U.S. tariffs won't apply to gold, President Donald Trump said in an Aug. 11 Truth Social post, despite a July 31 CBP ruling that found that gold bars are subject to reciprocal tariffs if they have been processed (see 2508080017).
President Donald Trump will extend to November the deadline for tariffs on Chinese goods that were due to come into effect at midnight Aug. 12, multiple news outlets have reported.
The White House released President Donald Trump’s executive order extending the application of 10% reciprocal tariffs under subheading 9903.01.25 to China. The suspension of China’s higher country-specific tariff under subheading 9903.01.63 – currently set at 34% but previously as high as 125% -- will now remain in effect until 12:01 a.m. Nov. 10, the executive order said.
The president's trade team has been suggesting that its definition of transshipment is different than what the word has traditionally meant -- that they will assign country of origin based on how much of the finished good was made from local inputs.