Washington state punches above its weight in goods exports, and exported $57.8 billion worth of goods in 2024, including $40.7 billion in manufactured products. Some 45% of those manufactured exports are Boeing planes and aerospace parts.
The U.K. should be wary of language in the recently announced trade framework with the U.S. (see 2505090006) that calls on Britain to comply with certain supply chain security requirements, which they said the U.S. could use to pressure the U.K. in its trading relationship with China, the U.K. Parliament heard from witnesses this week.
The Trump administration has a chance to create a “simpler, stronger” version of the soon-to-be-repealed AI diffusion rule (see 2505130018), including one that maintains strict export controls on adversaries while imposing few or no controls on close allies, researchers said this month.
DOJ is revising its corporate enforcement policy to encourage more voluntary disclosures, including by outlining a clearer path for self-reporting companies to avoid criminal prosecutions, the agency said. It’s also adding trade and sanctions to the list of “priority areas” for its whistleblower awards program.
President Donald Trump touted his plan to get foreign health purchasers to pay more for pharmaceuticals, and U.S. consumers to pay less, as he signed an executive order seeking to equalize those prices.
The U.S. and China agreed to temporarily drop certain tariffs, during negotiations in Switzerland May 10-11, and plan to continue talks through a new trade dialogue mechanism, both countries said.
The Swiss president told reporters in Bern that her country would put together a letter of intent within two weeks, in the hopes of reaching an "agreement in principle" with the U.S., like the U.K. did (see 2505080033), and thereby avoid 31% reciprocal tariffs set to begin July 8.
The 10% tariff on the first 100,000 autos exported annually from the U.K. will be "all-in," according to the Office of the U.S. Trade Representative. CBP couldn't clarify whether that would be done by removing most favored nation duties on U.K. autos and then applying a 10% tariff rate, or whether the additional tariff rate for in-quota autos would be 7.5%.
The European Commission opened a public consultation regarding a list of U.S. imports that could become subject to tariffs in response to the flurry of U.S. trade action, should talks with the White House fall through, the commission announced. The list covers over $107 billion worth of U.S. imports, including a "broad range of industrial and agricultural products," it said.
A U.S.-U.K. trade deal announced in the Oval Office leaves the average tariff on U.K. goods at 10%; however, aerospace engines and parts will enter duty-free.