U.S. Trade Representative Jamieson Greer, responding to a question about whether details in the recently announced trade deal with the EU could change before it comes into effect, said, "Right now, I have text from some of my European counterparts about making sure the details are correct and fully put on paper. So we feel very confident about it, and it's truly a solid path forward for our two countries."
Treasury Secretary Scott Bessent told reporters in Stockholm, Sweden, that the Chinese delegation spoke too early when they said the two sides agreed to another 90 days at current tariff levels, because the president is the one to decide. However, in a later interview with CNBC, Bessent said the meetings had been "highly satisfactory."
Although deals have not been announced with South Korea, Mexico or Canada -- some of the biggest trading partners for the U.S. -- U.S. Trade Representative Jamieson Greer told CNBC that, "we don't feel any pressure to have deals" ahead of Aug. 1, when tariffs are slated to go up on all countries that have goods trade deficits with the U.S."
Rep. Haley Stevens, D-Mich., introduced a bill last week that would grant the U.S. trade representative the authority to extend existing 100% tariffs on Chinese electric vehicles to autos produced by Chinese firms, no matter where they were assembled.
European Commission President Ursula von der Leyen said "all aircraft and component parts, certain chemicals, certain generics, semiconductor equipment, certain agricultural products, natural resources and critical raw materials" from EU countries will be duty-free in the U.S. as part of a trade deal between the two sides.
Reps. Celeste Maloy and Burgess Owens, two Republicans from Ohio, asked the Office of the U.S. Trade Representative this week to open a safeguard investigation on imports of lamb and mutton. They said Utah sheep ranchers will be submitting a new Section 201 petition to the International Trade Commission.
A bipartisan group in the House publicized a letter they sent last month to U.S. Trade Representative Jamieson Greer, asking him to remove 10% tariffs on coffee, and to avoid hiking tariffs on coffee beans in future deals.
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, speaking on CNBC, did not say for sure that tariffs will go up on Aug. 1 on trading partners, but said, "I would think that a higher tariff level will put more pressure on those countries to come with a better agreement."
The Senate Appropriations Committee passed a bill to increase funding for the Office of the U.S. Trade Representative by $6 million, more than 10%, and to increase funding for the Bureau of Industry and Security, which handles Section 232 action, by $20 million -- almost 10%.