This week, tariff news took a bit of a backseat to US President Trump’s dealings with Russian President Putin in Alaska—along with President Trump’s meeting with many European leaders like Ukrainian President Zelenskyy—as they work to end the Russia-Ukraine war.
Still, new US tariffs covering 407 steel and aluminum products were added to the previously implemented 50% duty on such commodities, cited Expana. The new products include imports of foreign wind turbines, mobile cranes, bulldozers, railcars, furniture, automotive exhaust systems, steel for electric vehicles, and more, according to the Department of Commerce (DoC). Keep reading to find out more from Expana’s Metals Market Reporter, Artem Segen.
In the meantime, additional 25% US tariffs on Indian imports are set to go into effect next week. Until then, imports from India are subject to a 25% duty. On August 27, the rate will go up to 50%. There have been no developments in a trade deal between the two countries. And just last week, Indian Prime Minister Modi urged his country towards more self-reliance, and vowed to protect farmers during the trade conflict, cited Expana.
A similar status grips trade between the US and Brazil—where some exemptions do exist. This week, 80 entities (like Brazilian sugarcane association, Unica) filed formal defenses against allegations of unfair trade practices in response to the US Trade Representative (USTR) Section 301 investigation. This follows the Brazilian trade team’s lawsuit with the World Trade Organization (WTO) as well as the Brazilian government’s plan to protect exporters from the tariff increase.