The U.S. Trade Representative has published its annual trade estimate, almost 400 pages of tariff and non-tariff barriers in countries around the world. The report noted, "The estimates included in this report constitute an attempt to quantitatively assess the potential effect of removing certain foreign trade barriers to particular U.S. exports. However, the estimates cannot be used to determine the total effect on U.S. exports, either to the country in which a barrier has been identified, or to the world in general. In other words, the estimates contained in this report cannot be aggregated in order to derive a total estimate of gain in U.S. exports to a given country or the world."
Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer met with U.K. Secretary of State for Business and Trade Jonathan Reynolds and the British prime minister's Special Adviser on Business and Investment Varun Chandra on March 18 to discuss a potential bilateral trade deal, the Commerce Department announced. The meeting follows U.K. Prime Minister Keir Starmer's visit to the White House last month. Lutnick expressed the Trump administration's desire for a trade deal, and Commerce said efforts to develop it "will continue to unfold over the coming days and weeks."
China announced retaliatory tariffs this month against Canada for its duties on Chinese-made electric vehicles and Chinese steel and aluminum products, saying the Canadian measures “seriously violate” World Trade Organization rules and are “discriminatory.” Beijing will impose a 100% tariff on Canadian rapeseed oil, oil cake and peas, and a 25% tariff on Canadian aquatic products and pork, according to an unofficial translation of a March 8 notice from the Customs Tariff Commission of China’s State Council. The duties take effect March 20.
The United States is interested in negotiating a new free trade agreement with India, Commerce Secretary Howard Lutnick told an Indian audience on March 8.
India and the U.S. will negotiate a bilateral trade agreement that will cover multiple sectors in tranches, with the first aiming for completion in the fall of 2025, President Donald Turmp and Indian Prime Minister Narendra Modi said in their joint statement, released after their meeting Feb. 13. The two leaders also announced plans to increase U.S. military sales to India and possibly reduce defense trade restrictions under the International Traffic in Arms Regulations.
Canada announced then later rescinded retaliatory tariffs against the U.S. after both sides reached an agreement to delay new tariffs this week.
Political negotiations on modernizing the EU's "global agreement" with Mexico have concluded, the European Commission said last week. The deal could put in place an "ambitious" framework to expand economic and political cooperation between the two sides, including around the "de-risking" of supply chains and securing a "sustainable supply of critical raw materials," the commission said.
Donald Trump's return to the White House brings a "lack of predictability," Baker McKenzie attorneys said during a webinar last week on how threatened tariffs could affect countries around the globe.
The EU and four members of a trading bloc of South American nations referred to as Mercosur -- Brazil, Argentina, Paraguay and Uruguay -- concluded a partnership agreement, which will "boost strategic trade and political ties" between the nations, the European Commission announced. Bolivia just became a member of Mercosur on July 8.
The former chief of staff to then-U.S. Trade Representative Robert Lighthizer has been chosen for USTR in Donald Trump's second administration.