Trump Administration Oscillates on 100% China tariffs: On 10 October, President Trump posted on Truth Social that effective 1 November the United States would impose an additional 100% tariff on imports from China. If implemented, the total additional IEEPA tariffs on China would be 130%. The threat of additional tariffs was a response by the Trump Administration to Chinese export controls of rare-earth minerals President Trump downplayed tensions between the US and China, and the threat of additional tariffs may be a strategy to increase US leverage in the eve of a scheduled meeting between President Trump and President Xi. China suggested it would retaliate if the US implemented the threaten additional tariffs.
USMCA Review Continues Debate on Regional Trade Agreements or Bilateral Deals: On 7 October, Canadian Prime Minister Carney and President Trump met to continue discussions on the upcoming 2026 USMCA review. The Trump Administration is focused on reviewing the existing agreement but would also consider negotiating bilateral agreements individually with Canada and Mexico. The meeting between Trump and Carney follows similar discussions between the leaders of Canada and Mexico.
Status of US Bilaterial Negotiations and Discussions: Please see the chart below for the latest on how certain countries are engaging with the United States in effort to reduce reciprocal tariffs and conclude bilateral deals.
Trade Policy Actions by Other Countries
EU Publishes Proposed Measures on Steel Imports to 50%: On Tuesday, 7 October, the European Commission published the proposed new measures to protect the EU steel industry. As mentioned in the cross-border trade update sent on Monday, the proposed measures reduce steel quota volumes and increase the over quota tariff to 50%. Please note that the link above includes the list of tariff codes targeted in Annex I. PMMI members located in the EU and sourcing imported steel will likely pay higher duties going forward.
