President Donald Trump said in the Oval Office Aug. 6 that the U.S. will be imposing a tariff of "approximately 100%" on chips and semiconductors, "but if you're building in the United States of America, there is no charge."
On Aug. 27, Indian goods that are currently subject to reciprocal tariffs will be tariffed at an additional 25%, on top of the 25% reciprocal tariff set to take effect Aug. 7, the White House announced.
The U.S. will impose another additional 25% tariff on India beginning Aug. 27 to address India’s imports of Russian oil, said President Donald Trump in an executive order issued Aug. 6.
Thompson Hine trade lawyer Dan Ujczo, who has expertise in North American trade and, particularly, automotive trade in the USMCA region, said the way the carve-outs to 25% Section 232 tariffs have been shaking out has surprised him -- and, he believes, has surprised countries that are automaking powerhouses.
President Donald Trump denied having said he would impose Russia-related secondary tariffs of 100%, but said a decision on what tariffs would be imposed for countries buying Russian energy would be decided on Aug. 6.
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Former trade negotiators and government trade advisers from both the Office of the U.S. Trade Representative and Canada described the negotiating process of the last three months as one wherein even Cabinet members couldn't promise that a deal was done.
President Donald Trump, during a call-in interview on CNBC, said that he is going to raise India's 25% reciprocal tariff level "very substantially over the next 24 hours because they’re buying Russian oil, they’re fueling the war machine."
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.