The recent trade deal announced between the U.S. and South Korea avoided the worst-case scenarios on the table and maintains comparative advantage with competitors, according to economists and experts on U.S.-Korea relations at the Center for Strategic and International Studies.
The Section 232 tariffs on copper and its derivatives appear to have been developed under a greater understanding of how U.S. manufacturing works, according to trade expert Cindy Allen, who appeared on an Aug. 1 "Simply Trade" podcast episode to discuss the numerous U.S. trade actions that occurred last week.
Switzerland's government said it will continue negotiations in the hopes of avoiding 39% U.S. tariffs that begin Aug. 8, which it says will apply to 60% of its exports. Pharmaceuticals, a major product from Switzerland, are not subject to reciprocal tariffs.
Dominic LeBlanc, Canada's minister for U.S.-Canada trade relations, said that while conversations with Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer have been cordial and productive, "we're not yet where we need to go to get the deal that's in the best interest of the two economies."
CBP created Harmonized System Update 2529 on Aug. 1, containing 59 Automated Broker Interface records and 16 Harmonized Tariff Schedule records. HSU 2529 includes the adjustments to Section 232 Import duties on copper, the additional duties on imports from Canada and miscellaneous tariff adjustments required by verification of the 2025 Harmonized Tariff Schedule.
CBP recently offered guidance on how customs brokers and importers should apply 40% duties on goods imported from Brazil, following the White House's implementation of stiffer tariffs on the country (see 2507300066).
President Donald Trump, in a social media post, said he intends to substantially hike tariffs on Indian products due to their purchases of Russian oil.
U.S. Trade Representative Jamieson Greer said he doesn't think there will be more deals announced before Aug. 7, when reciprocal tariffs will rise on about 70 countries.
San Francisco-based Caspian, an ABI software vendor and licensed customs broker, is officially launching its AI-informed advisory services for duty drawback and tariff refund processing, according to a recent announcement. The company, which bills itself as "an AI-driven customs compliance startup," says its tools are able to analyze companies' international shipping records and inventory data to find eligible duty refunds that can be submitted as claims within days. Because Caspian is approved by CBP as a tech provider and customs broker, it says it can file claims with CBP on behalf of clients or in support of others' existing trade advisory work.
Now that the White House appears to have given more direction on its trade and tariff actions, more companies may transition from a wait-and-see approach to more specific courses of action, trade experts with KPMG said during a July 31 webinar on tariffs and trade complexities.