President Donald Trump said that the administration will petition the Supreme Court on Sept. 3 to make an "expedited ruling" on the legality of tariffs he imposed on every country through the International Emergency Economic Powers Act.
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Less than a week after European politicians said that the trade framework was establishing certainty for European businesses, President Donald Trump lobbed a bomb on social media, threatening "substantial additional tariffs" and export restrictions on chips.
A White House official, speaking on background, clarified that the investigation the president posted about last week on social media, which he said would lead to tariffs on furniture (see 2508220054), is not a new investigation that would cover an array of furniture made out of plastic, metal or wood. Rather, wooden furniture tariffs would fall under the Section 232 investigation on lumber that began at the beginning of March (see 2503030039).
President Donald Trump said on social media: "I am pleased to announce that we are doing a major Tariff Investigation on Furniture coming into the United States. Within the next 50 days, that Investigation will be completed, and Furniture coming from other Countries into the United States will be Tariffed at a Rate yet to be determined."
Lawyers with extensive experience in Uyghur Forced Labor Prevention Act detentions said that CBP processes have been changing, and that companies should stress test how quickly they can get documents about materials from their suppliers and suppliers' suppliers, and how quickly they can understand all they've been given and send the right documents to CBP.
EU Trade Minister Maros Sefcovic said that the EU "will need to translate key elements of the joint statement into legislative proposals," and that politicians have a "firm intention" to "present these legislative proposals and launch this process still this month."
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.
Multiple countries said they're still assessing the impact of the new U.S. tariffs that took effect Aug. 1 (see 2507310081), although some that agreed to deals, including the EU and South Korea, said they now have more stability for their industries.
On the first day of higher tariffs for dozens of countries, prominent Democratic members of the House Ways and Means Committee attacked the policy, while the Republican chairman put a positive spin on soft employment numbers. The Senate minority leader used his daily floor speech to tie the tariffs to broader economic woes, while Republican leadership focused on Democrats' obstructions to prompt confirmation votes for presidential nominees.
Goods from Mexico that aren't subject to Section 232 tariffs will continue to be excluded from tariffs if they can meet USMCA rules of origin, as will auto parts, President Donald Trump announced about 12 hours ahead of the deadline. For goods outside the Section 232 action, and not eligible for the free-trade agreement benefit, Trump had said the rate would go from 25% to 30%.