The president of Mexico has introduced a bill increasing tariffs on goods from countries with which it does not have a free trade agreement, including China. The measure would bring most tariffs to a rate of 35%, with some as high as 50%.
Two Republican senators took to the Senate floor this week to reiterate their support for increasing sanctions on Russia to pressure it to end its war against Ukraine.
The U.S. is prepared to increase pressure on Russia through coordinated sanctions with the EU, Treasury Secretary Scott Bessent said Sept. 7 on NBC's "Meet the Press." Bessent said that if the EU and the U.S. "can come in, do more sanctions, secondary tariffs on the countries that buy Russian oil," then the Russian economy "will be in full collapse. And that will bring President [Vladimir] Putin to the table." His comments come after what he described as a "very productive" phone call with the president of the European Commission, Ursula von der Leyen. He said that the EU and the U.S. are in a race between how long the Ukrainian military can "hold up, versus how long can the Russian economy hold up."
H.R. McMaster, former national security adviser during the first Trump administration, said he disagrees with the government's plan to approve exports of Nvidia's advanced H20 chips to China (see 2508220003) and hopes the administration soon develops a more coherent economic security strategy.
The Commerce Department’s spring 2025 regulatory agenda for the Bureau of Industry and Security features more than 20 new rulemakings that could introduce new or update existing export controls, including restrictions over advanced AI chips, emerging technologies, Russia-related controls and other revisions to the Export Administration Regulations.
Democrats in the Senate are arguing that it's time to pass a bipartisan bill that would authorize up to 500% tariffs on goods from countries that buy Russian oil and gas and aren't providing aid to Ukraine to defend itself.
President Donald Trump threatened to impose export controls on technology and semiconductors if countries have digital policies he dislikes.
China requested dispute consultations at the World Trade Organization regarding Canada's tariff rate quotas on certain steel goods from non-free trade agreement partners, including China, and Canada's surtax on certain steel and aluminum goods that contain China-origin steel or aluminum.
Canadian Prime Minister Mark Carney said that Canada is dropping its retaliatory tariffs on American exports -- except for those in steel, aluminum and autos -- as long as those U.S. goods qualify for USMCA.
The EU will buy at least $40 billion worth of advanced American AI chips, will strengthen cooperation on export controls and investment screening, and will eliminate tariffs on U.S. industrial and other goods, the two sides said as part of a trade framework announced this week. The EU also committed to "substantially” increase purchases of U.S. defense equipment and said it will work to limit adverse effects of new supply chain due diligence rules and carbon border taxes on U.S. exporters.