Customs reform continues to be a strict focus for the Trump administration
The United States' planned tariff increases, initially scheduled to take effect last Friday, have been delayed, causing a ripple effect in global trade relations. The tariff rate for most EU imports into the US will be 15%, following negotiations with the EU Commission.
President Donald Trump announced the tariffs, which will affect dozens of trading partners, including the EU. The US broadcaster CBS News recently interviewed US Trade Representative Jamieson Greer regarding the tariffs. Greer stated that the "contours of President Trump's tariff plan" are now clear, and the tariff rates for many trading partners are "pretty much set in stone."
The tariff rates for Vietnamese exports have been reduced from a previously threatened 46% to 20%, with trans-shipments via Vietnam facing a 40% tariff. Canadian imports will be subject to a 25% tariff, excluding energy products which face a 10% tariff. Indian exports will also be hit with a 25% tariff starting August 7, 2025.
These tariff changes are part of ongoing trade conflicts, and reactions from other countries have been notably negative or retaliatory. Vietnam reached a partial trade deal with the US, avoiding higher tariffs. Canada strongly criticized the tariffs as unjustified and economically damaging, responding with reciprocal tariffs and encouraging domestic product support. India viewed the tariffs as detrimental to the U.S.-India strategic relationship, with concerns over economic and geopolitical impacts.
Kevin Hassett, director of the National Economic Council, confirmed that while talks with some trading partners will continue, the "bulk of the tariff rates are more or less settled." Hassett also stated that he would rule out the possibility of President Trump revising the tariff rates in response to negative reactions from the financial markets, as these are considered the "final deals."
The Swiss cabinet has convened a special session due to the Trump tariffs, reflecting escalated trade tensions and straining diplomatic ties. The US administration is not open to renegotiating the tariffs with several countries, as stated by the administration.
The US tariffs on almost 70 countries, including the EU, have been postponed by nearly a week. The White House cited the need to give border and customs authorities more time to implement the new system as the reason for the delay. Ministers from some countries still want to discuss the tariffs with the US administration, but Greer stated that the tariff increases are now a certainty.
Sources: [1] ntv.de, mpa/AFP [2] ntv.de, mpa/AFP [3] ntv.de, mpa/AFP [4] Reuters [5] CNBC
- The community policy regarding the tariff increases on employment in various industries, including finance, business, and politics, within the general-news sector, is now clear following President Trump's announcement.
- The delayed employment policy in the EU, as part of the global trade relations, will impose a 15% tariff rate on most EU imports into the US, following negotiations with the EU Commission.
- While the US continues discussions with some trading partners, the employment policies for numerous countries, including Vietnam, Canada, India, and several others, are now considered "final deals," according to Kevin Hassett, director of the National Economic Council.
