Tariffs News Updates

The two nations are working on the details of an agreement that would cut U.S. tariffs on light vehicles to 15% from the current 25%.

The ban marks another ratcheting up of President Donald Trump’s second-term trade war with America’s longtime ally and trading partner.

Trump said the plant, when completed, would produce 10 million tons of steel a year using iron ore from one of the company’s Minnesota mines.

The United States and China released Sept. 28 reciprocal lists of products worth about $30 billion each that will see tariff cuts.

Most companies receiving billions in tariff refunds are mostly holding on to the cash, according to a survey released by the Federal Reserve Bank of Atlanta.

The U.S. is expected to delay the announcement of new tariffs over allegations of trading partners’ excess manufacturing capacity at least until after next week’s planned summit between Presidents Xi Jinping and Donald Trump.

The order is the latest escalation by President Donald Trump in a trade fight that ramped up over the summer, as tit-for-tat tariff measures between the U.S. and Canada followed the last-minute collapse of a trade truce.

Canadian Prime Minister Mark Carney said closer ties with Europe would ensure no country could control Canada’s markets or undermine its sovereignty.

“If they do that, if I think it’s at all a hostile act, I will put very serious tariffs or stop trading with Europe on many things,” Trump told reporters.

Canada is seeking to reduce its dependence on the United States, the destination for roughly 70% of its exports, and Prime Minister Mark Carney has called for a “unique alliance” with the EU.