Updated tariff rates from letters sent by President Trump: As of 14 July, President Trump sent 25 countries tariff letters noting the updated higher reciprocal tariffs to be applied by 1 August on imports from those countries if a trade deal is not finalized. Additionally, President Trump said that he would impose a blanket tariff of 15% or 20% on all trading partners that did not receive a tariff letter. The final tariff rate has yet to be decided. Please find the latest on country tariffs below. New countries announced on Friday and this weekend are highlighted in yellow.
Negotiations: Please see below for the latest reported by the press on trade negotiations between the United States and some countries seeking to reduce or avoid higher reciprocal tariffs on their goods.
South Korea: On Monday, 14 July, South Korea said they were working on a trade deal with the US.
China: On Friday, 11 July, US Secretary of State Marco Rubio said he had “positive and constructive” talks with Chinese Foreign Minister Wang Yi.
Philippines: On Friday, 11 July, President Ferdinand Marcos Jnr will visit the United States next week to deepen their security and economic engagements with the US.
India: Last Thursday, 10 July, it was reported that a delegation from India is expected to visit the US soon for trade talks as the two countries will discuss disagreements over tariffs on steel goods.
President Trump to Increase Tariffs on Copper to 50%: Last Thursday, 10 July, President Trump confirmed that the United States will impose a 50% tariff on copper imports starting 1 August. In February, President Trump issued an Executive Order calling for a Section 232 investigation into the effects of copper imports on national security which resulted in this increased levy. Commerce has not made an official announcement and there has been no Federal Register Notice published. Similar to steel and aluminum tariffs, new Section 232 tariffs on copper may impact costs for sourcing of components, inputs, and materials as well as some machinery/equipment containing copper from foreign markets.
Trading Partners’ Responses to IEEPA and Section 232 Tariffs:
UK: Last Thursday, 10 July, the UK’s steel industry said that they are “urgently” seeking confirmation that the tariff rate will stay at 25% and not escalate to 50% while the two countries continue trade negotiations.
Legal Actions Against President Trump’s Tariffs: On Thursday, 10 July, The U.S. Court of Appeals scheduled arguments for 17 September in both IEEPA cases (California v. Trump and Webber, et.al., v. Department of Homeland Security). The federal court is sending both of these suits to the same judge or panel so they can ensure the rulings are consistent on any overlapping legal questions and to avoid the possibility of contradictory decisions.
