There have been significant developments related to trade deals with the EU and India.
With the Trump administration’s August 1 deadline for imposing country-specific reciprocal tariff rates fast approaching, there have been several significant tariff deal announcements this week, including agreements with Japan, Indonesia, and the Philippines.
Following an eventful few weeks of tariff news, here is the current status of duties placed on several key Asian trade partners. The goal of this list is to provide clarification on what tariff amounts have been threatened and what's actually implemented.
Yemen’s Iran-aligned Houthi rebels have launched a new, intense campaign against commercial shipping in the Red Sea, sinking two vessels — Eternity C and Magic Seas — and killing or abducting crew members in early July. These coordinated attacks, using drones, missiles, gunboats, and sea-borne explosives, have shattered a brief lull following a U.S.-brokered May ceasefire. The chaos has triggered ...
The volume of vessel traffic through the vital Strait of Hormuz is reportedly declining, according to BIMCO, the world’s largest shipping association. This trend reflects growing concerns over escalating conflict in the Middle East.
On May 12, 2025, the U.S. Department of Justice (DOJ) issued a memo signaling an enforcement shift: customs and tariff fraud is now a top DOJ priority. DOJ Criminal Division Chief Matthew Galeotti’s memo elevated “trade and customs fraud, including tariff evasion” into the agency’s ten “high-impact” focus areas. Galeotti warned that “trade and customs fraudsters” who evade duties or mislead custom...
The tariff landscape has shifted once again. While importers may find cause for cautious optimism, considerable uncertainty persists.