Breaking Trade News: US-UK Trade Deal, China Trade Talks, 232 Tariff Update
Here is a recap of the latest customs and international trade news:
Administration
- The US & UK reached a trade deal, allowing the import of UK aerospace engines and parts duty-free. The average tariff on U.K. goods will stay at 10%.
- The first negotiations between the US and China will begin this weekend in Switzerland. China will be represented by Vice Premier He Lifeng, and the U.S. will be represented by Treasury Secretary Scott Bessent and United States Trade Representative Jamieson Greer.
- In a hearing in front of the House Financial Services Committee, Treasury Secretary Scott Bessent said that exempting tariffs on some baby items such as car seats and cribs is “under consideration.”
- President Trump told reporters that USMCA may no longer be necessary, calling it a transitional deal to move away from NAFTA.
- Via a social media post, President Donald Trump authorized the Department of Commerce and the United States Trade Representative to begin the process of instituting a 100% tariff on movies coming into the U.S. that are produced in other countries.
Customs and Border Protection (CBP)
- CBP updated its Section 232 tariff FAQ,
