U.S. trade court challenges Trump’s basis for 10 percent global tariffs
“Judge Timothy Stanceu, an appointee of Republican President George W Bush, questioned the Trump administration’s argument that a trade deficit, which occurs when a country imports more goods than it exports, could be the sole reason to invoke the 1974 law. … Brett Shumate, a Department of Justice lawyer, responded that the US trade deficit contributed to a broader ‘balance of payments’ deficit and created a ‘large, serious international payments problem for the country.’”
[Reuters]
China imposes new rules to block foreign companies from decoupling
“Analysts warned that the regulations could make it harder for foreign companies to divest from joint ventures in China or shift orders to overseas suppliers.”
[The New York Times]
Greer says USMCA talks may run past July 1 deadline
“Greer told an event at the Hudson Institute that the U.S. may need to take steps to exit the North American trade pact in order to continue the talks.”
[Reuters]
Switzerland aims to finalize U.S. tariff accord by the end of July
“A key controversy in the talks is that the US so far is refusing to grant the Swiss a cap on the tariffs that will likely result from ongoing investigations under Section 301 of the Trade Act.”
[Bloomberg]
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