Treasury Secretary Scott Bessent, on Bloomberg Television on June 30, didn't predict how many deals would be announced with the 18 largest trading partners of the U.S. before July 9. However, he said that countries "are coming in with offers" that long-time staff negotiators "can't believe," because they're so good.
The U.K. is looking to strengthen its export controls and broader trade defense “toolkit” to better guard against economic threats by third countries, the country said in its 100-page trade strategy released last week.
The U.S. should quickly move forward with new secondary sanctions against supporters of Russia, government leaders and think tank officials said this week, and they urged the EU to do more to hold Beijing accountable for helping Russia evade sanctions.
The House Ways and Means Trade Subcommittee chairman, 44 other House Republicans and Sen. Steve Daines, R-Mont., urged the U.S. trade representative, agriculture secretary, commerce secretary and treasury secretary to get trade partners to end digital services taxes, improve import quotas and lower tariffs in these quick negotiations, all issues that they said "we cannot delay addressing."
Former U.S. and U.K. national security officials warned the British government about aligning too closely with a decoupling strategy toward China, saying this week that the U.K. should carefully manage sensitive trade issues but not in a way that strains economic ties with Beijing.
The World Trade Organization's Dispute Settlement Body on June 23 agreed to establish dispute panels in China's case against Canada's tariffs on Chinese electric vehicles and steel and aluminum products and Canada's dispute against Chinese import duties on Canadian agricultural and fisheries products, the WTO announced.
The National Customs Brokers & Forwarders Association of America and dozens of state and national-level trade groups representing shippers have signed a letter warning the heads of multiple federal agencies of potential supply chain disruptions that could result should tariff changes proceed as planned.
Canada is preparing new and revised tariffs, along with a tariff quota, to address what it said is the Trump administration’s “unfair trade” measures in the steel and aluminum sectors. The new tariffs and other measures will be in place as Canada negotiates a new “economic and security partnership” with the U.S., the country’s Department of Finance announced June 19.
A Texas-based industrial equipment supplier and its former CEO were fined millions of dollars for intentionally violating sanctions and export control laws, but the U.S. declined to prosecute its parent company after the firm voluntarily disclosed the violations and cooperated closely with DOJ’s investigation.
The U.S. has the power to force some manufacturing out of Canada and Mexico and have it locate in the U.S., so that those cars or other products avoid tariffs, a think-tank analyst said at a Washington International Trade Association event.