• “Universal” tariff rate: Hours before a midnight deadline, the White House announced its new trade policy, including its baseline tariffs for all countries. The administration said the “universal” tariff will remain at 10% — the same level implemented on April 2 — for countries the US has a trade surplus with, which is most of them. Nations with which the US has a trade deficit face a 15% floor.
• New rate for Canada: In addition to the overall plan, President Donald Trump said he is raising tariffs on Canada from 25% to 35%, effective tomorrow. Goods compliant with the United States-Mexico-Canada Agreement would not be subject to that higher rate, the White House said, which would blunt the impact.
• Court reviews tariff authority: Meanwhile in a notable hearing, a skeptical federal appeals court heard oral arguments about whether the US president overstepped his legal authority to impose many of his sweeping tariffs.
Treasury Secretary Scott Bessent on Thursday told CNBC that he was set to brief President Trump today on discussions that took place with Chinese trade negotiators earlier this week. Bessent said the only thing left to work out was whether or not Trump was willing to extend the pause on historically high trades beyond the August 12 deadline.
But no such announcement came Thursday. What gives?
