The ability to import low-value packages duty-free will end for goods from around the world on Aug. 29, the president declared in an executive order July 30.
President Donald Trump, in a July 30 social media post, said that he had "agreed to a Full and Complete Trade Deal with the Republic of Korea. The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President. Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products and, further, South Korea has agreed to invest a large sum of money for their Investment purposes."
President Donald Trump said July 30 that Indian goods will face a 25% tariff, plus an unspecified penalty, for buying Russian energy and military equipment "at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE... ."
The scope of the Section 232 copper tariffs is narrower than was expected, as the 50% rate only applies to semi-finished copper products, such as copper pipes, wires, rods, sheets, and tubes, and products that use a lot of copper, such as pipe fittings, cables, connector and electrical components -- not to copper ores, concentrates, mattes, cathodes, anodes, or copper scrap.
President Donald Trump, invoking the International Emergency Economic Powers Act, is imposing an additional 40% duty on some imports from Brazil, bringing the total tariff rate to 50%.
Sen. Josh Hawley, R-Mo., one of the leading populist voices in the Senate, introduced a bill this week that would send checks of at least $600 to most adults who file tax returns, as a rebate for tariff costs.
President Donald Trump, in a gaggle with reporters on his plane as he returned from Scotland, said that he will impose tariffs to pressure Russia on Aug. 8, 10 days from now.
The European Union, in a fact sheet released July 29, said that tariffs on EU exports to the U.S. will change from 10% plus the most-favored nation tariff to 15%, except for goods that have an MFN rate higher than 15%, and for aircraft and aircraft parts, certain generic drugs and natural resources. In the case of those exceptions, the standard MFN rates apply.
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."
Although deals have not been announced with South Korea, Mexico or Canada -- some of the biggest trading partners for the U.S. -- U.S. Trade Representative Jamieson Greer told CNBC that, "we don't feel any pressure to have deals" ahead of Aug. 1, when tariffs are slated to go up on all countries that have goods trade deficits with the U.S."