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.
Both the Japanese government and Japanese reporters' coverage of Japan's more than two-hour talk with the U.S. trade representative, commerce secretary and treasury secretary describe politicians who are not in a hurry to settle to avoid 24% tariffs under the reciprocal tariff plan that is scheduled to take effect in early July.
Recent U.S. trade actions, such as the IEEPA tariffs on China, Canada and Mexico, the Section 232 tariffs on steel and aluminum derivatives, and the temporarily paused reciprocal tariffs on dozens of countries worldwide, could cause global container volumes to slump by 1% in 2025, according to U.K-based maritime shipping advisory firm Drewry.
Amid swirling reports that China is considering exemptions from tariffs on some critical U.S. goods, an industry expert said that these moves should not be read as a broader shift in the trade war between the two countries.
Foreign countries' retaliatory tariffs against the Trump administration’s new global tariffs could cut U.S. exports of goods covered by the World Trade Organization’s Information Technology Agreement by at least $56 billion a year, the Information Technology and Innovation Foundation said April 23.
World Trade Organization Director-General Ngozi Okonjo-Iweala told former U.S. Trade Representative Michael Froman that she had a meeting with USTR Jamieson Greer "yesterday that was a little bit comforting," but that the current 10% U.S. tariff on most countries, plus 25% tariffs on cars, steel and aluminum and some products from Canada and Mexico, and 145% tariffs on Chinese imports, if it lasts, will result in global merchandise trade falling by 0.2%. Before the actions, the WTO forecast a 2.7% growth in goods trade this year.
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).