Global trade is facing a new round of uncertainty. The new trade conflict is rapidly escalating.
Global trade storm escalates
The spokesperson of the European Commission expressed strong regret over this and stated that the EU is prepared to implement countermeasures. The countermeasures that the EU is preparing to implement include responding to the latest tariff increase by the United States. If a mutually acceptable solution cannot be reached, the existing and additional measures of the EU will take effect on July 14th, and there is also a possibility that the relevant measures may take effect earlier.
Global trade storm escalates
In recent months, global steel prices have been declining, making it easier for steel buyers to pay existing import tariffs and still be able to purchase steel at prices lower than domestic levels in the United States. The increased tariffs will also give domestic steel manufacturers in the United States greater ability to raise prices. Steel demand and prices have been cooling down since April.
Global trade storm escalates
On June 2nd local time, the Trump administration requested the federal appeals court to block the previous order by the District of Columbia federal district court that its tariff policy was "illegal". On May 29th, the Federal District Court for the District of Columbia in the capital city of Washington issued a preliminary injunction against the tariffs imposed by the Trump administration on multiple countries under the International Emergency Economic Powers Act. The ruling is in response to a lawsuit filed by two small businesses in the United States against the federal government on April 22. On May 28th, the United States International Trade Court in New York ruled to prohibit the execution of the Trump administration's executive order to impose tariffs on multiple countries under the International Emergency Economic Powers Act. On the 29th, the US Federal Circuit Court of Appeals approved the Trump administration's request to temporarily set aside the ruling made by the US International Trade Court.Global trade storm escalates
The cost of tariffs has begun to penetrate into the supply chains of American companies, and inflation is affecting the purchasing power of American consumers. Photo by Jin Yan
Global trade storm escalates
This is to accelerate discussions with multiple partners before the self set deadline in five weeks. This document from the Office of the United States Trade Representative reveals Trump's strategy for completing extensive negotiations with numerous countries. These negotiations began on April 9th, when he temporarily shelved the "Liberation Day" tariffs for 90 days until July 8th, after strong market reactions to the scope of these broad tariffs.
Global trade storm escalates
According to the draft, the United States requires countries to outline their best proposals in key areas. These include tariff and quota proposals for purchasing American industrial and agricultural products, as well as plans to address any non-tariff barriers. Other requests include commitments related to digital trade, economic security, and specific national obligations.
Global trade storm escalates
