Tariff

Live updates

1. 1d ago

   U.S. expands forced-labor tariffs; EU deal ratified; Trump shifts focus as Iran war cools

   The U.S. is pushing new tariffs on 60 economies over forced labor, while the EU has ratified a trade deal with the U.S. to cut tariffs. France’s wine industry faces potential 100% U.S. duties, and Trump’s tariff revenue remains volatile. South Korea’s EU tariff relief request is still pending. With the Iran conflict easing, Trump is returning to trade policy as a priority.

   What's confirmed:

   • The U.S. Trade Representative’s office proposed additional tariffs on imports from 60 economies due to their failure to address forced labor in production.
   • The European Parliament ratified a trade agreement with the U.S. on June 16, 2026, which includes provisions to lower tariffs on U.S. imports.
   • France’s wine exporters remain at risk of 100% U.S. tariffs under existing trade measures.
   • U.S. tariff revenue in May saw more refunds than collected duties, reflecting ongoing adjustments and exclusions in enforcement.
   • A July 9, 2025, trade deal deadline for 180+ countries is being tracked, with progress monitored via public negotiations.
   • Donald Trump is refocusing on tariffs as a policy priority following a reduction in tensions related to the Iran conflict.

   Still unconfirmed:

   • South Korea’s request for tariff relief from the EU remains unresolved, with no confirmed timeline or outcome.
   confidence 95%
2. 1d ago

   U.S. expands tariffs; EU backs deal as South Korea awaits relief

   The U.S. has proposed new tariffs targeting 60 economies over forced labor practices, while the EU has finalized a tariff agreement with the U.S. South Korea’s request for tariff relief from the EU remains unresolved. France’s wine exporters face potential 100% U.S. tariffs. U.S. customs duties vary by country and HTS code, with May seeing more refunds than revenue.

   What's confirmed:

   • The U.S. Trade Representative (USTR) proposed a 10% duty rate on goods from economies with full or partial forced labor prohibitions and a 12.5% rate for all other economies.
   • The European Parliament approved the implementation of an EU-U.S. tariff deal by a large majority on 16 June 2026.
   • U.S. customs duties are calculated by country of origin and Harmonized Tariff Schedule (HTS) code, with real-time rates available for 195+ countries.
   • May 2026 saw U.S. tariff refunds exceed tariff revenue, reversing the usual trend.
   • France’s digital services tax of 3% applies to large tech firms with over $29 million in French revenue and $870 million globally, which the U.S. claims disproportionately targets American companies.

   Still unconfirmed:

   • The U.S. is threatening to impose a 100% tariff on French wines, though this has not been officially confirmed by the U.S. government.
   • South Korea’s tariff relief request to the EU remains unresolved, with no timeline or decision announced.
   confidence 95%
3. 1d ago

   EU weighs South Korea steel tariff relief as U.S. tariff costs mount

   South Korea is seeking tariff relief from the EU amid rising trade tensions, while the U.S. maintains a 10% global tariff after legal challenges. May saw more tariff refunds than revenue in the U.S., and customs duties remain calculable by country and HTS code. The EU has yet to finalize its assessment of South Korea’s request.

   What's confirmed:

   • A 10% global tariff remains in place for the U.S. following court rulings, despite ongoing legal challenges.
   • The U.S. saw more tariff refunds than revenue in May 2026, reversing prior trends.
   • Tariffs in the U.S. can be calculated by country and Harmonized Tariff Schedule (HTS) code, including stacked duties under Sections 122, 232, and 301.
   • The EU has promised to carefully assess South Korea’s request for steel tariff relief amid rising trade tensions.

   Still unconfirmed:

   • A free online tool claims refunds are available for paid duties from 2025, but no official confirmation exists.
   confidence 93%
4. 2d ago

   EU reviews steel tariff exemption as U.S. tariffs face legal hurdles

   South Korea presses the EU for steel tariff relief amid rising trade tensions, while the U.S. maintains a 10% global tariff after court rulings. Legal challenges continue, and the U.S. has seen more tariff refunds than revenue in May. The EU has promised to assess South Korea’s request carefully.

   What's confirmed:

   • The U.S. government can continue collecting its 10% worldwide tariff imposed in February while legal challenges are unresolved, per a federal appeals court ruling on June 13.
   • South Korea will take all necessary steps to address the EU’s new steel import policy, according to a government statement on June 16.
   • The EU has committed to reviewing South Korea’s request for steel export tariff exemptions with maximum consideration.
   • The U.S. saw more tariff refunds than revenue collected in May, reversing the trend of prior months.

   Still unconfirmed:

   • The U.S. president’s Section 122 tariffs were blocked by a lower court but temporarily reinstated on June 13.
   confidence 95%
5. 2d ago

   South Korea seeks EU tariff relief for steel amid global trade tensions

   South Korea’s President Lee Jae-myung has formally requested the EU to exempt its steel exports from punitive tariffs, citing unfair trade disadvantages. The move follows escalating U.S.-EU trade disputes, including threats of 100% tariffs on French wine and champagne over digital taxes. The EU has pledged to review the request with "maximum consideration." Meanwhile, the U.S. continues to enforce aggressive tariff policies, with May seeing more refunds than revenue collected. Legal barriers to challenging tariffs have been removed after the Supreme Court declined to intervene in a case.

   What's confirmed:

   • South Korea’s President Lee Jae-myung has asked the European Union to ensure South Korean steel companies avoid unfair trade disadvantages, likely tied to tariffs.
   • The EU has responded to the request with a commitment to give it "maximum consideration," though no concrete measures have been announced.
   • Tariffs are import taxes imposed by governments to regulate trade, protect domestic industries, or generate revenue, and can also take the form of export taxes in rare cases.
   • The U.S. government processed more tariff refunds than revenue in May, indicating active enforcement of tariff policies.
   • Legal hurdles for challenging tariffs have been removed after the Supreme Court declined to hear a case, simplifying enforcement.

   Still unconfirmed:

   • South Korea’s request to the EU may include specific demands for tariff exemptions or reduced rates on steel exports, though details remain unclear.
   confidence 92%
6. 2d ago

   Trump escalates tariff threats on France, wine industry braces for 100% duties

   President Trump has doubled down on threats to impose 100% tariffs on French wine and champagne unless France repeals its 3% digital services tax on U.S. tech firms. The U.S. government also processed more tariff refunds than revenue in May, signaling aggressive tariff policy enforcement. Legal hurdles for tariff challenges have been removed after the Supreme Court declined to hear a case. Trade analysts warn of broader global trade shifts. France has not yet responded to the ultimatum.

   What's confirmed:

   • The U.S. collected $21.93 billion in tariffs in May but refunded $21.97 billion, marking the first time refunds exceeded revenue under the Trump administration.
   • The Supreme Court refused to hear a challenge against Trump-era tariffs, eliminating a legal barrier to new tariff actions.
   • France’s 3% digital services tax on U.S. tech companies remains the focal point of Trump’s threat, with no official response from President Macron.
   • The U.S. is the largest importer of French wine and spirits, making the industry a prime target for retaliatory tariffs.
   • Trade analysts predict Trump’s tariff push could accelerate a global trade reorientation away from the U.S.

   Still unconfirmed:

   • Trump’s latest tariff threats are part of a broader strategy to leverage 'forced labor' concerns in global trade, though no specific targets or timelines have been confirmed.
   confidence 95%
7. 2d ago

   Trump threatens 100% tariffs on French wine over tech tax ahead of G7 summit

   President Trump has warned France it will face 100% tariffs on wine and champagne if it does not repeal a 3% digital services tax on U.S. tech companies. The threat comes ahead of this week’s G7 summit in Évian-les-Bains. The tax, imposed by France, targets revenue from U.S. tech giants operating in Europe. Macron has not yet responded to the ultimatum.

   What's confirmed:

   • President Trump is threatening a 100% tariff on French wine and champagne if France does not repeal its 3% digital services tax on U.S. tech firms.
   • The warning was issued ahead of this week’s G7 summit in Évian-les-Bains, France.
   • France’s digital services tax applies to revenue generated by U.S. tech companies operating in the country.
   • The tariff threat is framed as a direct response to Macron’s refusal to drop the tax.
   confidence 100%