President Donald Trump threatened to impose export controls on technology and semiconductors if countries have digital policies he dislikes.
China requested dispute consultations at the World Trade Organization regarding Canada's tariff rate quotas on certain steel goods from non-free trade agreement partners, including China, and Canada's surtax on certain steel and aluminum goods that contain China-origin steel or aluminum.
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.
The EU will buy at least $40 billion worth of advanced American AI chips, will strengthen cooperation on export controls and investment screening, and will eliminate tariffs on U.S. industrial and other goods, the two sides said as part of a trade framework announced this week. The EU also committed to "substantially” increase purchases of U.S. defense equipment and said it will work to limit adverse effects of new supply chain due diligence rules and carbon border taxes on U.S. exporters.
The president of the American Soybean Association told President Donald Trump that soybean farmers "cannot survive a prolonged trade dispute with our largest customer," urging him to have his trade team persuade China to drop its 20% tariff on American soybeans.
Sen. Tommy Tuberville, R-Ala., said Aug. 19 he is optimistic the Trump administration’s new trade deal with the EU will help peanut farmers in his state increase their exports to Europe.
The U.S., the EU and others should pursue tougher enforcement on Chinese companies that continue to supply Russia’s military industrial complex and continue to buy Russian oil, panelists said during an event this week hosted by the Peterson Institute for International Economics. One said the EU should consider automatically sanctioning any Chinese company whose products are found more than once in drones, missiles or other military items used by Russia.
The Japanese government will meet with local governments, businesses and industry groups in the Chubu, Kinki and Kyushu-Okinawa regions later this month to discuss U.S. tariffs and the outcome of the trade deal reached between the two countries last month (see 2508080013). Business officials and organizations during these meetings “will hear about the impact of the U.S. tariff measures and how to respond to them, and will also exchange opinions on how to use the U.S. tariffs as an opportunity to create success stories,” Japan’s trade ministry said, according to an unofficial translation. The country plans to speak about the tariffs with local governments and businesses in other regions in September.
Despite co-sponsoring a bill that would impose a wide range of sanctions on Russia and its supporters if Moscow refuses to reach a peace deal with Ukraine, Sen. Tommy Tuberville, R-Ala., said Aug. 19 he is hesitant for Congress to take up the legislation when it returns from its August recess.
Export Compliance Daily is providing readers with the top stories from last week, in case you missed them. You can find any article by searching for the title or by clicking on the hyperlinked reference number.