A majority of senators voted to end the emergency underpinning an additional 40% tariff on the majority of Brazilian goods, with four Republicans joining the entire Democratic caucus.
President Donald Trump, speaking to reporters on Air Force One as he flew in Asia, said he expects that the 20% tranche of tariffs on China, levied due to China's lack of action to crack down on fentanyl trafficking, will be lowered after he meets with President Xi Jinping in South Korea.
South Korea's government said it has agreed to the details of a trade deal that lowers tariffs on goods outside the Section 232 actions to 15%, all-inclusive, and applies that rate to autos manufactured in Korea, too.
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More Republicans will vote to roll back fentanyl tariffs on Canada, lead sponsor Sen. Tim Kaine predicted the evening of Oct. 28, ahead of a vote on the Brazil emergency underpinning additional 40% tariffs on the majority of Brazilian exports.
Treasury Secretary Scott Bessent said after two days of meeting with Chinese negotiators, he anticipates a threatened additional 100% tariff on Chinese goods won't come Nov. 1, and that the Chinese will defer their critical minerals export control licensing scheme.
President Donald Trump signed trade deals with Cambodia and Malaysia, leaving 19% tariffs on both Cambodian and Malaysian goods, with some carve-outs for tropical fruits and woods, minerals, and some goods covered by pending Section 232 investigations, such as aviation parts and chemicals used to make pharmaceuticals. The 19% tariffs layer on top of most-favored nation rates, which, in the case of apparel and shoes that dominate Cambodia's top exports, are already quite high.
Twenty-seven amicus briefs were filed at the Supreme Court on Oct. 24 in opposition to the ability of President Donald Trump to impose tariffs under the International Emergency Economic Powers Act, bringing to 35 the total number of amicus briefs filed at the high court against the tariffs. The amici are a mix of law professors, current and former government officials, policy advocacy groups, economists and individual companies.
As importers find themselves in the cross-hairs of CBP's plans to ramp up trade enforcement, they can no longer rely solely on customs brokers and siloed trade compliance departments because the stakes have become too high, trade attorneys suggested during an Oct. 22 Foley & Lardner webinar.
After President Donald Trump posted that he was terminating all trade negotiations with Canada because the government paid for a pro-free-trade ad to air in the U.S., Canadian Prime Minister Mark Carney told reporters that Canada is ready to resume talks whenever the U.S. is ready.