Sidley trade lawyer Ted Murphy sent a note to clients about his thoughts on the U.S.-Vietnam tariff deal announced July 2 "based on what we (think we) know about the deal thus far," though he noted that the deal is likely still being negotiated.
Treasury Secretary Scott Bessent said in an interview with CNBC on July 3 that the Vietnam deal is "finalized in principle" and that 20% will replace the current 10% reciprocal tariff. As for which goods will be subject to 40% tariffs, Bessent didn't add any clarity. "A huge amount of the trade that comes from Vietnam is what’s called transshipment from China," he said. "We’ll see what happens with the transshipment."
President Donald Trump expressed pessimism about reaching a trade deal with Japan, and suggested that the tariff rate would be higher than the 24% country-specific rate briefly in effect April 9 in comments to reporters traveling on Air Force One July 1.
President Donald Trump posted on social media that Vietnamese goods would face a 20% tariff, rather than an originally proposed 46% reciprocal tariff, in exchange for zero tariffs on U.S. exports.
Rep. Chris Deluzio, D-Pa., and four other House Democrats wrote to the president with questions about possible tariff rate quotas for Mexican steel, after reading reports that the U.S. might agree to drop 50% tariffs on Mexican steel in a TRQ arrangement.
The Senate passed the Trump tax bill with a tie-breaking vote from the vice president on July 1. The House of Representatives will vote on whether it will accept the Senate's changes to its bill.
Canada backed down on implementing its digital services tax, which was to start collection on June 30, after President Donald Trump said on June 27 he was ending trade negotiations with Canada over the issue.
Treasury Secretary Scott Bessent, on Bloomberg Television on June 30, didn't predict how many deals would be announced with the 18 largest trading partners of the U.S. before July 9. However, he said that countries "are coming in with offers" that long-time staff negotiators "can't believe," because they're so good.
The latest version of the tax bill introduced by the Senate over the weekend ends commercial de minimis on July 1, 2027, as the House version does. The Congressional Budget Office estimates that would increase revenues by $39 billion between 2027 and 2034.
Georgetown Law School Professor Jennifer Hillman, a former International Trade Commissioner and member of the World Trade Organization's appellate body, said she thinks there are grounds for a challenge to 25% tariffs on autos and auto parts, imposed on national security grounds under Section 232.