The interim trade agreement between the Eurasian Economic Union (EAEU) and Mongolia became effective July 22, 2026, eliminating or reducing customs duties on 367 tariff subheadings. Signed in Minsk in 2025, the pact aims to boost trade, which already saw a one-third increase in Q1.
US authorities are refunding billions in customs duties following a Supreme Court decision that invalidated President Trump's global tariffs. May saw $22 billion in refunds, with $166 billion more being processed, impacting the budget deficit.
India remains on the US Trade Representative's priority watch list for intellectual property concerns, citing inconsistent progress and long-standing issues with its Patents Act. The report highlights worries over data protection for pharma and agri-chemical products, alongside high customs duties on IP-intensive goods. Weak enforcement of copyrights and trademarks also remain key issues.
