Brazil's Industry Minister Márcio Fernando Elias Rosa urged India during a visit to New Delhi to jointly defend multilateralism and the WTO against unilateral US tariffs, while seeking deeper trade, energy, and infrastructure cooperation.
The US has reduced the EU's tariff from 15% to 10%, matching the UK's rate, but certain EU sectors now enjoy lower tariffs than their UK counterparts, putting British businesses at a disadvantage. However, the UK secures zero tariffs on Scottish whisky.
Two US small businesses sued the Trump administration over new tariffs on 60 trading partners, claiming the policy lacks required 'forced labour' findings and exceeds presidential authority.
The U.S. imposes new tariffs on 60 economies, citing failure to enforce bans on goods produced with forced labor, affecting nearly 99.4% of U.S. imports.
President Trump is now justifying tariffs against allies by accusing them of using forced labour goods. This shift creates a new trade dynamic, with the EU securing a better deal than the UK due to its forced labour ban, prompting questions about the UK's future legislative approach.
US President Donald Trump's administration imposed new tariffs of 10-12.5% on 60 economies, citing failure to enforce forced labor bans. Australia, New Zealand, the EU, Japan, and South Korea vehemently objected, calling the claims unfounded and the tariffs unjustified, warning of increased costs and trade uncertainty.
The US imposed new Section 301 tariffs, placing India in the lower 10% category, with minimal overall impact on its exports, according to FIEO. However, India's textile sector requires close monitoring for future tariff-rate quotas affecting competing nations.
The European Union indicated it could accept new 10% US tariffs on goods made with forced labor, largely adhering to a transatlantic trade truce cap. While Brussels welcomed the adherence to the cap, it remains wary of ongoing US investigations that could lead to further duties.
Socialist MEP Bernd Lange warns the EU to prepare for US retaliation following the European Commission's €890 million fine on Google and new US tariffs targeting the EU over forced labor. Lange expects further US action and hopes US courts and Congress will address the tariffs.
Australia's car market is being reshaped by surging Chinese EV sales, while US stocks face volatility from tech spending concerns and rising oil prices due to Middle East conflicts. Australian small businesses are under pressure, and the US has imposed new tariffs on Australian exports, adding to economic uncertainty.
US President Trump announced 100-200% tariffs on generic medicines from Aug 2028 unless manufacturing relocates to the US. This poses a significant challenge for India's $30B pharma industry, which supplies 47% of US generic prescriptions, potentially making exports unviable and raising US drug prices.
The EU is preparing for new US tariffs on forced labor, expected soon, as long as they don't exceed the 15% cap set by the 2025 Turnberry agreement. Despite disagreeing with US findings, the EU prioritizes agreement stability.
US President Donald Trump's proposed tariffs of up to 200% on imported generic medicines could pressure Indian pharmaceutical exporters, but India's cost advantage may help many drugs remain competitive in the US market, according to the Global Trade Research Initiative (GTRI).
Donald Trump's White House announced 50% tariffs on most Canadian goods, including wine, hockey sticks, and cement, in response to Canada's retaliation against prior US tariffs. This move, effective in 30 days, aims to address Canada's alleged discrimination against US cars, alcohol, and dairy, risking economic chaos and strained bilateral relations.
India has challenged the US's proposed tariffs linked to forced labor, arguing the US approach is inconsistent and that such issues should be resolved via bilateral trade negotiations. India's representative questioned exemptions and the basis for tariffs, stating they would increase costs for all parties involved.
Flavio Bolsonaro, son of former President Jair Bolsonaro, is urging the Trump administration to postpone proposed tariffs on Brazilian goods until after Brazil's October election. This move aims to counter President Lula da Silva's accusations that the Bolsonaro family lobbied for the tariffs, which cite trade violations like deforestation.
EU countries voted to prolong the suspension of retaliatory tariffs against the US, affecting $4 billion in goods, in the long-running Airbus-Boeing dispute. This move aims to avoid reigniting a transatlantic trade war, as the 2021 truce was set to expire on July 11, with new suspension duration under negotiation.
South Korea's Trade Minister Yeo Han-koo met with officials to discuss countermeasures against proposed US tariffs on dozens of countries, including South Korea, over alleged failure to enforce import bans on products made through forced labor.
OpenAI has banned two clusters of ChatGPT accounts originating from China that were used for covert influence campaigns targeting US tech and policy debates. The campaigns aimed to manipulate discussions on AI data centers and US tariffs, but generated little authentic engagement.
The US proposes tariffs (10-12.5%) on countries not adequately addressing forced labour, with rates varying based on enforcement measures; affected governments can challenge inclusion until July 6.
China's Commerce Ministry spokesperson He Yongqian stated opposition to US tariffs imposed under the guise of 'forced labor,' calling them unilateral restrictions. He also noted agreement to establish a trade council for discussing reciprocal tariff reductions on certain products.
China's Ministry of Commerce spokesperson He Yong stated that China opposes unilateral trade restrictions, including those imposed by the US over alleged "forced labor," and urges the US to work with China to stabilize bilateral economic ties.
Brazilian President Lula da Silva expressed strong disapproval of new US tariffs, calling the treatment unacceptable. The tariffs, announced by the Trump administration, follow an investigation into alleged unfair trade practices by Brazil, though data suggests the US has a trade surplus.
The US proposes 25% tariffs on Brazilian goods, citing illegal deforestation and unfair competition in products like timber and beef. However, the report uses outdated data and ignores recent reductions in deforestation rates, while exempting key products linked to environmental crimes.
