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."
President Donald Trump said he's no longer giving Russia 50 days, until Sept. 2, to stop its war in Ukraine or face trade measures. He told reporters in Scotland on July 28, "I'm going to make a new deadline of about 10 or 12 days from today. There's no reason in waiting," he said. "We just don't see any progress being made."
Treasury Secretary Scott Bessent suggested the White House may be in favor of a bill that would authorize new sanctions and tariffs against Russia’s supporters, and he urged the EU to put in place similar measures.
House Foreign Affairs Committee ranking member Rep. Gregory Meeks, D-N.Y., is trying to force votes in the House to end the emergency that justifies reciprocal tariffs and on a bill that would hike tariffs to 500% on Russian products.
Sen. Lindsey Graham, R-S.C., and Sen. Richard Blumenthal, D-Conn., co-sponsors of the Sanctioning Russia Act of 2025, which authorizes 500% tariffs on buyers of Russian energy products, praised President Donald Trump for his promise of 100% tariffs on products from countries buying Russian goods, if Russia doesn't stop its war in Ukraine.
Sen. Jeanne Shaheen, D-N.H., speaking at the NATO Public Forum in the Netherlands, said she believes Congress is ready to approve a bill that would impose a wide range of sanctions on Russia and its supporters if Moscow refuses to reach a peace deal with Ukraine, including a 500% tariff on imported goods from countries that buy Russian oil, gas, uranium and other products (see 2504020003).
CBP issued the following releases on commercial trade and related matters:
Nearly 750 organizations and businesses gave input to the administration on trade barriers or subsidies that prevent them from reaching their sales potential.
President Donald Trump said on social media he is "strongly considering large-scale" sanctions and tariffs on Russia "until a Cease Fire and FINAL SETTLEMENT AGREEMENT ON PEACE IS REACHED."
CBP has postponed indefinitely an enhancement within ACE that would withhold the release of de minimis shipments that exceed the $800 per person/per day threshold, according to the February development and deployment schedule released last week.