The ruling Democratic Party of South Korea submitted a bill on Nov. 26 to establish a state-run investment fund for managing investments in the U.S., paving the way for a reduction in U.S. tariffs on Korean automobiles and their parts, the Korea Times reported.
CBP is informing the Office of Management and Budget that it is revising instructions for Form 7501, which is used for entry summary filing, to clarify what defines country of melt and pour for steel imports and what defines country of smelted and cast for aluminum imports, according to a Federal Register notice.
Since the United Kingdom's National Health Service has agreed to pay more for new medicines, the Trump administration is pledging "to exempt U.K.-origin pharmaceuticals, pharmaceutical ingredients, and medical technology from Section 232 tariffs and will refrain from targeting U.K. pharmaceutical pricing practices in any future Section 301 investigation for the duration of President [Donald] Trump’s term."
Manufacturing trade groups and companies mostly argued in comments to the U.S. Trade Representative that USMCA rules of origin for their sectors shouldn't change as part of the pact's review, and if they do, it should be only after extensive consultation with industry, and with adequate transition times.
Former trade negotiators said the removal of reciprocal tariffs on agricultural goods not grown at scale in the U.S. is a harbinger of things to come, as the administration starts to recognize that tariffs are politically unpopular.
The Coalition for a Prosperous America reacted with alarm to Commerce Secretary Howard Lutnick's offer that the U.S. could soften its tariffs on European steel and aluminum if the EU changes its approach to regulating American tech giants.
Commerce Secretary Howard Lutnick, speaking after a 90-minute meeting with EU and member country counterparts, explicitly linked changes in digital regulation in the EU to relief on 50% tariffs on steel, aluminum and their derivatives, where the value of the metal is taxed.
As CBP ramps up enforcement, the agency often seems to be heading straight for penalties, as witnessed anecdotally by the trend to send out more notices of action, or CF-29 forms, instead of informing importers of possible errors, according to trade experts speaking on a Nov. 20 webinar hosted by logistics company Expeditors.
The Congressional Budget Office updated its estimate of how much tariffs would reduce the federal deficit, if they stayed in place for 10 years, now saying they would reduce it by $2.5 trillion rather than $3.3 trillion (not counting saved interest costs).
Democrats on the House Small Business Committee said tariffs are leading to a decline in the manufacturing sector, with mixed reactions from the witnesses at a "How Main Street is Revitalizing Manufacturing" hearing.