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.
EU Trade Minister Maros Sefcovic said that the EU "will need to translate key elements of the joint statement into legislative proposals," and that politicians have a "firm intention" to "present these legislative proposals and launch this process still this month."
Businesses should anticipate that even more derivative products could be added to the list of Section 232 tariffs for steel and aluminum (see 2508150063), Flexport senior trade advisory manager Anna Zajac said during an Aug. 20 company webinar on the tariffs.
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The threat of the Trump administration's tariff policy looms over the upcoming USMCA review, causing former officials involved in the initial negotiations to warn that the review may turn into a non-stop renegotiation complicated by tariff discussions.
The Commerce Department published notices in the Federal Register Aug. 12 on the following antidumping and countervailing duty (AD/CVD) proceedings (any notices that announce changes to AD/CVD rates, scope, affected firms or effective dates will be detailed in another ITT article):
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Thompson Hine trade lawyer Dan Ujczo, who has expertise in North American trade and, particularly, automotive trade in the USMCA region, said the way the carve-outs to 25% Section 232 tariffs have been shaking out has surprised him -- and, he believes, has surprised countries that are automaking powerhouses.
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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.