Overview

• The Trump administration has committed to maintaining a 10% baseline tariff on all imports for the foreseeable future, with no plans to lower it.
• A new bilateral trade deal with the UK exempts 100,000 British-made cars annually from a 25% auto tariff and eliminates tariffs on UK airplane components in exchange for the UK dropping its ethanol tariff to zero.
• U.S. and Chinese officials are engaged in high-level trade talks in Geneva, aimed at resetting bilateral trade relations, with progress described as optimistic but details yet to be disclosed.
• Commerce Secretary Howard Lutnick disputed claims that tariffs increase costs for U.S. consumers, despite widespread agreement among economists that tariffs lead to higher prices.
• West Coast ports are experiencing declining cargo volumes and job losses among dockworkers, attributed to reduced trade with China following the imposition of steep tariffs.