The Agriculture Department announced on Dec. 12 that Mexico had agreed to release water from the Rio Grande to Texas farmers. This irritant had caused President Donald Trump to threaten Dec. 8 to hike International Emergency Economic Powers Act tariffs on Mexico from 25% to 30% (see 2512090013). Those tariffs apply to goods that don't qualify under USMCA, and are not subject to Section 232 tariffs.
Correction: Only two subheadings, 3301.12.00 and 3301.90.50, which cover some fertilizers and essential oils, were listed under new exemptions for 40% additional tariffs from Brazil but aren't exempt from reciprocal tariffs. The other minor differences between the two lists account for existing tariff exemptions (see 2511210001).
President Donald Trump, speaking at a Saudi investment forum, said that if the Supreme Court rules against the use of national emergency authorities to impose reciprocal tariffs, the administration will manage.
The White House released a fact sheet Nov. 13 confirming details of the recent U.S.-South Korea tariff deal.
The White House issued a fact sheet Nov. 14 confirming a trade deal with Switzerland that sets a "cumulative reciprocal tariff rate of no higher than 15%" for Switzerland, giving it the "same treatment given to the European Union."
Over the weekend, President Donald Trump promised to give dividends of $2,000 to Americans from the revenues collected from his tariff policy.
After a visit from five Central Asian presidents, President Donald Trump posted on social media that Uzbekistan will do a combination of purchases of U.S. exports and investments in the U.S. worth almost $35 billion over the next three years. He said these purchases and investments would be in critical minerals, aviation, auto parts, energy and chemicals, infrastructure, agriculture and information technology.
President Donald Trump continues to argue that the Supreme Court will rule that his emergency tariffs are constitutional, and that the promises of investments from South Korea, Japan and the EU would evaporate without the 15% tariffs he imposed on their exports.
Treasury Secretary Scott Bessent, in two TV interviews, praised the president's trade diplomacy in Asia, and said "a price has got to be paid" for Ontario's ad quoting former President Ronald Reagan in support of free trade.
President Donald Trump said he "got sort of everything that we wanted" out of the meeting last week with Chinese President Xi Jinping, adding later that, "Because of tariffs, President Xi allowed us to win every single point."