Tariffs:
— Canada will ease retaliatory tariffs on U.S. imports:
Prime Minister Mark Carney announced Friday that starting next month (September) Canada will ease certain retaliatory tariffs on U.S. imports. The revision will remove duties on goods that comply with the United States-Mexico-Canada Agreement, while applying matching tariffs on items that fall outside the pact. Carney noted — as reported by Supply Chain Dive — that the shift will allow roughly 85% of trade between the two countries to flow tariff-free.
However, Canada will continue enforcing counter tariffs in response to U.S. duties on steel, aluminum, and autos. Carney underscored that these targeted measures remain at the center of Canada’s ongoing trade discussions with Washington.
— U.S. and European Union reach framework on trade agreement:
In a joint statement between the two, they say one of the agreed terms includes the U.S. pledging to impose a 15% tariff, or the most-favored-nation duty rate on EU imports, whichever is higher.
According to the statement, tariffs on pharmaceuticals, semiconductors, and lumber will be capped at 15%. (Note: those industries are currently under a Section 232 investigation, per Supply Chain Dive). On the other hand, the EU said they plan to remove tariffs on U.S. industrial products and offer priority market access for a variety of U.S. exports including tree nut, dairy goods, etc.
— Additional 25% tariff on India goods:
The Trump Administration has announced plans to impose an additional 25% tariff on imports from India, according to a draft notice in the Federal Register dated August 25th. The official published notice is expected on August 27th. If implemented, the measure would double existing tariffs to a total of 50% on Indian goods. The administration says the increase is tied to India’s continued purchases of Russian oil. For more details on what products are subject to these tariffs, take a look at the Federal Register draft notice.