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.
A group of 44 leading economists, including former Treasury Secretary Janet Yellen and four Nobel Prize winners, filed an amicus brief at the Supreme Court on Oct. 23 to contest President Donald Trump's reciprocal tariffs, arguing that the threat underlying the tariffs, sustained trade deficits, don't amount to an "unusual and extraordinary" threat to the U.S. economy, as required by the International Emergency Economic Powers Act (Donald J. Trump v. V.O.S. Selections, U.S. 25-250) (Learning Resources v. Donald J. Trump, U.S. 24-1287).
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.
U.S. Trade Representative Jamieson Greer is launching a Section 301 investigation on how China implemented -- or failed to implement -- its commitments in the phase one trade agreement. It will examine if there was a burden on U.S. commerce from non-implementation "and what action, if any, should be taken in response."
The 12 U.S. states challenging President Donald Trump's ability to impose tariffs under the International Emergency Economic Powers Act filed their reply brief at the Supreme Court on Oct. 20, arguing that the text of IEEPA doesn't allow for any tariffs to be imposed and that Trump's reciprocal tariffs and tariffs to combat the flow of fentanyl don't meet the statute's other requirements (Donald J. Trump v. V.O.S. Selections, U.S. 25-250) (Learning Resources v. Donald J. Trump, U.S. 24-1287).
President Donald Trump and Australian Prime Minister Anthony Albanese signed a critical minerals development framework that pledges investment in the sector, both mining and processing.
President Donald Trump told reporters that unless China stops fentanyl shipments, resumes buying U.S. soybeans and stops playing "the rare earth game with us," he won't lower tariffs.
Rep. Sean Casten, a Democrat from the top soybean-producing state, Illinois, led a letter with 36 other Democrats asking President Donald Trump to terminate the reciprocal tariffs and fentanyl tariffs he levied under the International Emergency Economic Powers Act.
Although cargo volumes at the Port of Los Angeles have remained relatively strong compared with that at smaller U.S. ports, it doesn’t mean that the port has avoided feeling any impact of the U.S. trade policies, the executive director for the port said at a monthly media briefing earlier this week.
President Donald Trump, in response to a question about whether he would engage in trade talks with India, said that Indian Prime Minister Narendra Modi "assured me today that they will not be buying oil from Russia. That's a big stop. Now I got to get China to do the same thing."