President Trump said that the US is investigating furniture imports and will impose a tariff on the products once the probe is complete.
“Furniture coming from other Countries into the United States will be Tariffed at a Rate yet to be determined,” the president wrote on Truth Social. He added the effort would “bring the Furniture Business back to North Carolina, South Carolina, Michigan, and States all across the Union.”
Trump didn’t specify which governmental body would lead the probe into furniture imports but said it would wrap up in the next 50 days.
Earlier, White House trade adviser Peter Navarro again criticized India for its ongoing purchases of Russian oil and said he anticipates the planned 50% punitive tariffs on Indian imports will take effect next week.
“I see that taking place,” Navarro told reporters in front of the White House when asked about the tariffs on India that are set to double on Aug. 27. “India doesn’t appear to want to recognize its role in the bloodshed. It simply doesn’t. It’s cozying up to Xi Jinping, is what it’s doing.”
A Chinese official voiced support for India regarding US tariffs on its exports, highlighting growing cooperation between the two Asian neighbors.
“The United States has imposed tariffs of up to 50% on India, and it has even threatened for more. China firmly opposes this,” said China’s ambassador to India, Xu Feihong.
Meanwhile, Canada will drop its retaliatory tariffs to match US tariff exemptions for goods covered under the United States-Mexico-Canada trade pact, a government official said Friday. Canadian Prime Minister Mark Carney is expected to make a formal announcement of the move meant to reset trade talks.
This follows Thursday’s news that the US and the EU established a written framework for the trade deal agreed to on July 27. The terms include a 15% US tariff on most EU imports: These include autos, pharmaceutical goods, semiconductors, and lumber — but not wine and spirits.
The two sides also outlined the EU’s promise to remove tariffs on US industrial goods and give better access to US seafood and agricultural products.
The biggest negotiations to watch in the coming months are Canada, Mexico, and China.
Earlier this month, Trump unveiled “reciprocal” tariffs on dozens of US trade partners (which you can see in the graphic below).
Read more: What Trump’s tariffs mean for the economy and your wallet
Here are the latest updates as the policy reverberates around the world.
LIVE 1732 updates
TORONTO (AP) — Canada is dropping retaliatory tariffs to match U.S. tariff exemptions for goods covered under the United States-Mexico-Canada trade pact, a government official familiar with the matter said Friday.
(Reuters) – S&P Global Ratings’ decision to affirm its U.S. credit rating reflected the impact of tariff revenues, but questions remain on the economic outcome of U.S. trade policies that could influence the country’s rating in the next few years, the primary analyst on the U.S. said.
S&P on Monday affirmed its “AA+” credit rating on the U.S., saying the revenue from President Donald Trump’s tariffs has the potential to offset the fiscal hit from his massive tax-cut and spending bill. S&P, which became the first ratings agency to cut the pristine U.S. government rating in 2011, said the outlook on the U.S. rating remains stable.
“Outcomes are what’s really going to weigh and inform the rating,” Lisa Schineller, primary U.S. analyst at S&P Global Ratings, said in an interview.
“The outcomes of how you execute the budgetary legislation, how the tariff revenue comes, their combined impact on growth and investment that leads to either better or worse or similar fiscal out-turns, that’s our focus,” she said.
