Democrats in the Senate are arguing that it's time to pass a bipartisan bill that would authorize up to 500% tariffs on goods from countries that buy Russian oil and gas and aren't providing aid to Ukraine to defend itself.
Japanese goods with most favored nation (MFN) duties of 15% or lower will be subject to a 15% reciprocal tariff, all inclusive, retroactive to 12:01 ET Aug. 7, the White House said in an executive order. The order applies the same 15% rule for goods subject to Section 232 tariffs on autos and auto parts upon publication of a Federal Register notice modifying the Harmonized Tariff Schedule. That notice will come within seven days of the executive order being published.
Sen. Chuck Grassley, R-Iowa, said agricultural interests need to lobby the Trump administration about tariffs on imported fertilizers, given how high input costs have risen as prices for row crops have fallen.
President Donald Trump touted the secondary tariffs on India, the second-largest purchaser of Russian oil, as action to show his frustration with Russian President Vladimir Putin's continued aggression, when asked by a Polish reporter why he hadn't taken action against Russia to stop the war.
The EU Parliament is debating a proposal to lower its own tariffs, operating as though the U.S. is upholding its end of the U.S.-EU agreement, despite apparent U.S. failure to enact promised tariff reductions on EU goods. On Sept 1, the EU Parliament held an extraordinary meeting of the Committee on International Trade to discuss the legislation and the deal as a whole.
The U.S. apparently failed to implement promised tariff reductions on European Union goods in time for a Sept. 1 deadline outlined in an EU-U.S. joint statement issued Aug. 21.
President Donald Trump claimed that India offered to "cut their Tariffs to nothing," as India's Prime Minister, Narendra Modi, stood firm against U.S. tariff pressure and promised deeper trade ties with Russia.
DOJ launched a cross-agency "Trade Fraud Task Force" on Aug. 29 to "bring robust enforcement against importers and other parties who seek to defraud the United States," the agency announced. The task force will bring together attorneys from the agency's civil and criminal divisions, along with officials at CBP, to target tariff evasion and "smugglers who seek to import prohibited goods into the American economy."
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.
President Donald Trump said that the administration will petition the Supreme Court on Sept. 3 to make an "expedited ruling" on the legality of tariffs he imposed on every country through the International Emergency Economic Powers Act.