Trump, tariffs and Mexico
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Japan, Trade Deal
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The Texas Tribune on MSNAugust increase in Mexico tariffs could strain Texas economyA vast majority of trade between Mexico and the U.S. has been exempt from tariffs for months. That could change on Monday.
At her Thursday morning press conference, President Claudia Sheinbaum spoke about her government's efforts to stave off new U.S. tariffs that are due to take effect next week.
Commerce Secretary Howard Lutnick reminded us of an important but little-discussed part of trade negotiations with Canada and Mexico -- "virtually 75%" of trade between the U.S. and its two neighbors is "already tariff free" because of the USMCA agreement.
The action came after the Commerce Department ended a six-year agreement favored by U.S. distributors and importers.
Citing European Union (EU) officials and diplomats, Reuters reported on Friday that the EU and the United States (US) could each a framework deal on trade this weekend. The deal will reportedly include a 15% baseline tariff on all European imports, alongside a potential 50% tariff on steel and aluminium imports.
President Donald Trump announced new trade deals with Japan and the Philippines this week, bringing the total number of deals to five. However, several major trading partners still haven’t reached trade agreements with the U.S. ahead of the Aug. 1 deadlines.