President Trump is set to announce a tired system for its broad tariffs on steel and aluminium, according to reports in Bloomberg on Thursday.
The Trump administration will maintain 50% tariffs on a large number of products and the duty will be calculated on the value of the imported goods. This latest news comes on the one year anniversary of Trump's "Liberation Day" announcement, where a year ago today the president ordered tariffs, changing global trade forever.
Businesses continue to navigate a series of trade shocks, from the overturned International Emergency Economic Powers Act (IEEPA) tariffs that the Supreme Court struck down to soaring energy costs stemming from the war in the Middle East.
Last month, the European Union parliament voted to advance the US-EU trade deal, resuming the ratification of a framework agreement the two sides reached last year after a months-long pause. The EU halted its adoption of the deal after the Supreme Court invalidated President Trump's most sweeping tariffs and Trump threatened to take over Greenland earlier this year.
Currently, the US has imposed 10% tariffs on countries around the globe for 150 days, which could rise to 15% as the Trump administration pursues other tariffs. The administration announced two new trade investigations in March, scrutinizing 60 countries for their fair trade practices under Section 301 of the Trade Act of 1974.
China mirrored that move last month by opening up two investigations into US trade practices, setting the stage for a meeting between Trump and Chinese President Xi Jinping in May.
Meanwhile, after a federal judge ruled that the US government must begin paying out more than $130 billion in tariff refunds to US businesses, more than 2,000 companies, including Costco (COST) and FedEx (FDX), have filed lawsuits seeking compensation. The US Customs agency said it's finalizing a four-step process that will allow importers to electronically file claims and receive tariff refunds.