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.
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.
CBP recently offered guidance on how customs brokers and importers should apply 40% duties on goods imported from Brazil, following the White House's implementation of stiffer tariffs on the country (see 2507300066).
President Donald Trump, in a social media post, said he intends to substantially hike tariffs on Indian products due to their purchases of Russian oil.
U.S. Trade Representative Jamieson Greer said he doesn't think there will be more deals announced before Aug. 7, when reciprocal tariffs will rise on about 70 countries.
Now that the White House appears to have given more direction on its trade and tariff actions, more companies may transition from a wait-and-see approach to more specific courses of action, trade experts with KPMG said during a July 31 webinar on tariffs and trade complexities.
Multiple countries said they're still assessing the impact of the new U.S. tariffs that took effect Aug. 1 (see 2507310081), although some that agreed to deals, including the EU and South Korea, said they now have more stability for their industries.