The U.S. is planning to impose a 25% tariff on imports of certain advanced chips that are then exported elsewhere, the White House said Jan. 14.
While the Venezuela military action doesn't affect trade substantially, a panel of experts said the fallout with regard to President Donald Trump's comments about Greenland afterward could "blow up the U.S.-EU deal."
U.S. Trade Representative Jamieson Greer said the Trump administration will recommend renewal of USMCA only if 20 issues can be resolved, and maybe more, as he told Congress this isn't an exhaustive list.
The U.S. ambassador to the World Trade Organization published a blunt response to reform discussions, arguing that the underpinning of the WTO -- that all countries should receive the same tariff rate, unless there is a comprehensive free-trade agreement between them -- was naive, "and that era has passed."
The U.S. should drop tariffs on EU steel from 50% to 15% and suspend Section 232 investigations targeting EU products as part of the two sides' trade framework announced in August (see 2508200052), said Bernd Lange, the chair of the EU Parliament’s Committee on International Trade. He also said the EU should work in a sunset provision that would end the agreement if the two sides haven’t made progress in 18 months.
House Select Committee on China Chairman John Moolenaar, R-Mich., urged the Trump administration Sept. 18 to work with U.S. allies to take several steps, including restricting or prohibiting outbound investment in China’s aviation sector, to pressure Beijing to stop limiting exports of critical minerals.
Treasury Secretary Scott Bessent told reporters in Stockholm, Sweden, that the Chinese delegation spoke too early when they said the two sides agreed to another 90 days at current tariff levels, because the president is the one to decide. However, in a later interview with CNBC, Bessent said the meetings had been "highly satisfactory."
The chief negotiator for the EU told reporters in Brussels July 14 that his team had thought "we are very close to an agreement," though there were still "quite large gaps" on what the U.S. was offering and what the EU could accept on goods subject to national security tariffs, such as cars and steel, and, perhaps in the future, pharmaceuticals.
The head of the trade committee in the EU parliament said one of the sticking points in the negotiations with the U.S. is whether 50% tariffs on steel and 25% tariffs on cars and car parts continue to be collected as the two parties move from an agreement in principle to a detailed agreement.
Taiwan is offering to impose more stringent export controls and investment screening measures to prevent “high-risk countries” from obtaining sensitive semiconductors and other critical technologies, the country’s government told the Bureau of Industry and Security.