Overview
- Justices heard oral arguments on whether the 1977 IEEPA allows broad tariffs, after lower courts found key measures unlawful, with a decision expected in months.
- Plaintiffs include small import‑dependent firms and twelve U.S. states, while the administration warned that striking down the duties would damage the economy and national security.
- Following Xi–Trump talks, China will suspend extra tariffs on soy and other farm goods and keep other increases at 10%, both sides extended a 10% mutual rate for a year, and the U.S. halved “fentanyl” tariffs to 10%.
- Confusion persists over rare‑earths and other export controls, as Beijing has not confirmed broader relaxations, and market experts warn the uncertainty could spur hoarding.
- The July EU–U.S. deal set a 15% base tariff on most EU goods and cut U.S. car duties on European vehicles to 15%, yet German exporters report falling U.S. sales and machinery makers face additional steel and aluminum content charges.