World Trade Organization members elected Argentina's Gustavo Nerio Lunazzi the new chair of the Council for Trade in Goods, the WTO announced.
China is raising tariff levels to 125% for U.S. origin goods in response to President Donald Trump's April 9 decision to raise tariffs to the same rate for Chinese goods (see 2504090043).
The EU announced on April 10 that it has placed its planned counter-tariffs on hold for 90 days following President Donald Trump's April 9 decision to withdraw his reciprocal tariffs on most countries (see 2504090069).
China raised the tariff rate on U.S.-origin goods, from 34% to 84%, in response to President Donald Trump's April 8 executive order raising reciprocal rates by 50% (see 2504080079), the Office of the Tariff Commission of the State Council announced April 9. The new tariffs will take effect at 12:01 a.m. April 10, the commission said, according to an unofficial translation.
China opened a dispute at the World Trade Organization on April 8 on the U.S. reciprocal tariffs, claiming that the duties violate the General Agreement on Tariffs and Trade (GATT) 1994, the Agreement on Customs Valuation and the Agreement on Subsidies and Countervailing Measures. China's challenge covers the 34% additional tariff on Chinese imports that is set to take effect April 9, along with the 10% duty on imports from all trading partners, which took effect on April 5.
The European Commission has proposed 25% retaliatory tariffs on some U.S. goods in response to the tariffs on steel and aluminum President Donald Trump imposed last month (see 2503120042), according to a document seen by Reuters, the news service reported April 7.
China retaliated against President Donald Trump's reciprocal tariffs with duties of 34% on all U.S. goods, along with new export restrictions on U.S. companies and rare earth metals.
A recent rise in tariffs, export controls and other trade actions will lead to rising prices in semiconductor supply chains, said Sree Ramaswamy, former senior adviser to former Commerce Secretary Gina Raimondo.
Multiple countries this week objected to President Donald Trump’s April 2 announcement of new reciprocal tariffs against trading partners (see 2504020072), saying they either plan to retaliate or are assessing how to respond.
U.S. ambassador to Japan nominee George Glass said March 13 that he would seek to ensure Japan follows through on its commitment to ramp up its purchase of U.S. liquefied natural gas to reduce its trade deficit with the U.S. and its reliance on Russia.