The EU on Aug. 5 published a document to officially suspend the retaliatory tariffs it was set to impose on the U.S. on Aug. 7 (see 2507250007) if the two sides hadn’t come to a trade agreement. The U.S. and the EU announced a trade deal last last month (see 2507280027 and 2507280032), and suspending its retaliatory duties will help “ensure effective implementation of the political agreement,” the European Commission said in a document posted to the Official Journal of the EU. “The Commission should keep the suspension under review in light of further developments in the trade relations with the United States, and may take further actions.”
U.S. allies, including in Europe, may back away from their plans to de-risk from China if they continue to see the Trump administration use export controls as a bargaining chip in trade negotiations with China, a panelist said during an event this week hosted by the Center for a New American Security. Others said they’re skeptical about the sustainability of the trade deals announced by the U.S. last week, especially those that commit other countries to large purchases of American goods.
Switzerland's government said it will continue negotiations in the hopes of avoiding 39% U.S. tariffs that begin Aug. 8, which it says will apply to 60% of its exports. Pharmaceuticals, a major product from Switzerland, are not subject to reciprocal tariffs.
The U.K. this week said Mexico has agreed to remove a trade barrier on British pork and will begin approving shipments from 12 pork exporters across England and Northern Ireland, marking Britain's “successful bid to secure long-term access to this lucrative market.” The announcement follows eight years of negotiations between Mexican and U.K. authorities. The British businesses will now be able to export offal and edible by-products to Mexico, the U.K.’s Department for Business and Trade said. The U.K. also noted that the current 20% tariff on British pork will be eliminated once Mexico ratifies the U.K.’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (see 2312290034).
President Donald Trump this week accused India of buying large amounts of Russian oil and selling it for profit, adding that he plans to significantly raise U.S. tariffs against the country.
The National Foreign Trade Council responded to the U.S. hikes in tariffs Aug. 1 (see 2507310081) by saying that agreements to remove some trade barriers are encouraging but "a great deal of work remains to be done to make sure they deliver on those promises and to accelerate efforts to remove discriminatory measures that were not part of those initial understandings.
Way2Go Cargo, a Florida-based freight forwarder, has accused two people who were affiliated with the company of violating the Shipping Act by running a competing business without obtaining a required license from the Federal Maritime Commission, according to a complaint filed with the FMC July 25.
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."
The EU and Moldova struck a deal to update the terms of the EU-Moldova Deep and Comprehensive Free Trade Area, the European Commission announced.
The U.S. and the EU reached a trade deal this week that will include a 15% U.S. tariff on most EU exports and will eliminate duties on both sides for other items, including aircraft parts and certain semiconductor equipment, agricultural products and more. The EU also will buy advanced American AI chips along with more American energy as part of the bloc’s effort to phase out purchases from Russia, European Commission President Ursula von der Leyen said.