The U.S. added more people and entities to sanctions and export control lists in 2024 than the previous year, with a large portion targeting Russia and China, the Center for a New American Security said this week.
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The European Commission proposed extending the current duty exemption for imports of Ukrainian iron and steel products, which are a "significant source of revenue for Ukraine," the commission said last week. The current waiver, which has been extended twice before, is due to expire in June. The proposed extension must be approved by the European Council and Parliament. "The Commission is currently working on a longer-term solution which will provide economic certainty and a stable framework for trade to both Ukraine and the EU," it said.
Mexico recently renewed a presidential decree that allows certain agricultural products from non-free trade agreement partners to benefit from zero tariffs, USDA said in a March report. The renewal is valid through Dec. 31, but USDA said companies already registered under the program may use the benefits of the decree until March 31, 2026. The agency added that the decree has increased competition for U.S. agricultural exports to Mexico, particularly for pork and chicken.
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.
Canada opened a dispute at the World Trade Organization on March 5 to challenge the new U.S.-imposed 25% tariff on all non-energy goods and 10% tariff on energy goods from Canada, claiming that the measure violates the General Agreement on Tariffs and Trade "as well as the WTO's Trade Facilitation Agreement." Canada said that the U.S. measures "appear to be inconsistent with the United States' obligations" under GATT and TFA provisions.
President Donald Trump last week threatened to increase sanctions against Russia if it doesn't agree to a ceasefire in Ukraine and a peace deal. His comments came one day after Treasury Secretary Scott Bessent also threatened more sanctions against Moscow, including its energy sector.
President Donald Trump’s recently issued “America-first investment policy” memo suggests that the administration may focus potential trade negotiations with China around purchases of U.S. exports and tariff issues rather than national security issues, said Martin Chorzempa, a senior fellow with the Peterson Institute for International Economics.
The Senate Banking Committee voted 13-11 along party lines March 6 to approve Washington trade lawyer Jeffrey Kessler to be undersecretary of commerce for industry and security, sending his nomination to the full Senate for its consideration.