The American Apparel and Footwear Association thanked the Trump administration's suspension of higher tariff rates on China, but said the measure only keeps American companies and consumers "stuck in the same holding pattern" since President Donald Trump's "Liberation Day" tariffs were announced.
The president's trade team has been suggesting that its definition of transshipment is different than what the word has traditionally meant -- that they will assign country of origin based on how much of the finished good was made from local inputs.
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.
Arun Venkataraman, the former assistant secretary of commerce for global markets, has joined Covington & Burling as a partner in the international trade practice, the firm announced. While at Commerce 2022-25, Venkataraman led efforts to "expand commercial opportunities for U.S. firms overseas and foreign firms in the United States," Covington said. In addition to his role as assistant secretary, Venkataraman served as director general of the U.S. and Foreign Commercial Service at the International Trade Administration. Prior to joining the Commerce Department, he worked at Visa as the senior director for global government engagement and at the Office of the U.S. Trade Representative as director for India.
International Trade Today is providing readers with the top stories from last week in case they were missed. All articles can be found by searching on the titles or by clicking on the hyperlinked reference number.
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.
Dominic LeBlanc, Canada's minister for U.S.-Canada trade relations, said that while conversations with Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer have been cordial and productive, "we're not yet where we need to go to get the deal that's in the best interest of the two economies."
Rep. Vern Buchanan, R-Fla., and Rep. Jodey Arrington, R-Texas, reintroduced a bill that would add a position at the Office of the U.S. Trade Representative for identifying and reporting annually on foreign price-setting for pharmaceuticals, and to recommend trade remedies. The USTRx Act would call his position the chief pharmaceutical trade negotiator.
U.S. Trade Representative Jamieson Greer said he doesn't think there will be more deals announced before Aug. 7, when reciprocal tariffs will rise on about 70 countries.
U.S. Trade Representative Jamieson Greer, in two television interviews Aug. 1, defended a surprise 39% rate for Swiss exports and said his focus isn't on reaching new settlements before reciprocal tariffs begin collection Aug. 7. Rather, he said, "We're really focused right now on implementing the deals that have been reached."