South Korea is likely waiting for a more definitive trade agreement with the U.S., especially as the two countries seem to reflect differing opinions on what deals have been affirmed, according to experts' observations of the Aug. 25 meeting at the White House between President Donald Trump and South Korean President Lee Jae Myung (see 2508250065).
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Less than a week after European politicians said that the trade framework was establishing certainty for European businesses, President Donald Trump lobbed a bomb on social media, threatening "substantial additional tariffs" and export restrictions on chips.
Jewelers of America's and the International Diamond Manufacturers Association's leadership met with Peter Navarro last week to argue that diamonds shouldn't be subject to reciprocal import duties.
The U.S. Geological Survey is proposing to update its critical minerals list to include another six minerals.
Vice President JD Vance said that the U.S. is imposing secondary tariffs on India for buying Russian oil, and not China, because China already has high tariffs.
President Donald Trump, speaking after meeting Aug. 25 with South Korea's president, said he believes the two sides have cemented the trade deal he first announced last month. "I think we have a deal done. They had some problems with it, but we stuck to our guns," Trump said. "They're going to make the deal that they agreed to make." Trump added that it's a "very big trade deal" and the "biggest deal" South Korea has "ever made by far."
A White House official, speaking on background, clarified that the investigation the president posted about last week on social media, which he said would lead to tariffs on furniture (see 2508220054), is not a new investigation that would cover an array of furniture made out of plastic, metal or wood. Rather, wooden furniture tariffs would fall under the Section 232 investigation on lumber that began at the beginning of March (see 2503030039).
Canadian Prime Minister Mark Carney said that Canada is dropping its retaliatory tariffs on American exports -- except for those in steel, aluminum and autos -- as long as those U.S. goods qualify for USMCA.
President Donald Trump said on social media: "I am pleased to announce that we are doing a major Tariff Investigation on Furniture coming into the United States. Within the next 50 days, that Investigation will be completed, and Furniture coming from other Countries into the United States will be Tariffed at a Rate yet to be determined."