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.
Dominic LeBlanc, Canada's minister for U.S.-Canada trade relations, said that while conversations with Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer have been cordial and productive, "we're not yet where we need to go to get the deal that's in the best interest of the two economies."
Rep. Vern Buchanan, R-Fla., and Rep. Jodey Arrington, R-Texas, reintroduced a bill that would add a position at the Office of the U.S. Trade Representative for identifying and reporting annually on foreign price-setting for pharmaceuticals, and to recommend trade remedies. The USTRx Act would call his position the chief pharmaceutical trade negotiator.
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.
U.S. Trade Representative Jamieson Greer, in two television interviews Aug. 1, defended a surprise 39% rate for Swiss exports and said his focus isn't on reaching new settlements before reciprocal tariffs begin collection Aug. 7. Rather, he said, "We're really focused right now on implementing the deals that have been reached."
The U.S. is raising tariffs on Canada from 25% to 35% effective Aug. 1 because Canada has "failed to cooperate" in stopping flows of fentanyl and other illegal drugs across the border, the White House said in a July 31 fact sheet. Goods qualifying for preferential tariff treatment under USMCA will continue to be exempt from the duties, the White House said, and goods found to have been transshipped to evade the 35% tariff will face a 40% tariff.
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."