There is relative stability on the tariff front.
The International Emergency Economic Powers Act (IEEPA) tariff refunds are being processed.
Twenty-fives states sued the Administration over the Section 310 (forced labor/unfair trading practices) tariffs claiming they are a thin veil to replace IEEPA tariffs.
The Trade Court upheld the Administration’s suspension of the de minimis (exemption of duties on imports of less than $800) tariffs.
Now, it is all about Canada, and it is ugly. An agreement was reached to reduce the tariff on automobiles from 25% to 15%. When the Canadians wanted to extend that reduction to medium and heavy-duty vehicles (aka trucks), negotiations broke down.
The Trump Administration imposed an immediate 50% tariff on $20B worth of Canadian goods. Canada’s Prime Minister Mark Carney fired back with dollar-for-dollar tariffs effective September 8th. And, both sides are blaming the other.