Global Trade and Tariff Updates

India-U.S. interim trade framework includes lower tariffs (e.g., India’s exports eligible for zero tariffs when U.S. inputs are used)

U.S. reduced tariffs on some Bangladeshi goods to 19% under a new reciprocal trade pact

U.S. and Argentina signed a trade deal cutting hundreds of reciprocal tariffs

Trump says U.S. and India reached trade deal, will lower tariffs immediately

Trump backs down on Greenland and cancels tariff threat after NATO agrees to future Arctic deal

Trump’s Greenland threats spark outrage from EU and test longtime NATO alliance

Trump threatens 25% tariff on European allies until Denmark sells Greenland to US

A tariff is a tax imposed on goods imported into the United States, paid by the U.S. importer. Tariffs are one of several tools governments use to influence trade policy and negotiate diplomatic outcomes. They are typically designed to raise the cost of imported goods, making them less competitive compared to domestically produced alternatives.

When tariffs are implemented, importers must either raise their prices or absorb the additional costs—often squeezing already thin profit margins.

At the beginning of his second term, President Trump signed several Executive Orders introducing new tariffs: 25% on imports from Mexico and Canada, 10% on Canadian energy, and 10% on goods from China. While the China tariffs took effect on February 4, implementation of the Canada and Mexico tariffs was delayed until March 4 to allow further negotiations related to border security and fentanyl trafficking.

July 23: How Japan Clinched a Trade Deal with Trump Just Days Ahead of the Tariff Deadline 

July 22: Fact Sheet: The United States and Indonesia Reach Historic Trade Deal

June 3: Fact Sheet: President Donald J. Trump increases Section 232 Tariffs on Steel and Aluminum

May 12: Fact Sheet: President Donald J. Trump Secures a Historic Trade Win for the United States

May 8: Fact Sheet: U.S.-UK Reach Historic Trade Deal

On March 3, the president confirmed that the delayed tariffs would go into effect the next day, and also announced an additional 10% increase on Chinese imports.

On February 10, new proclamations reinstated and expanded the Section 232 tariffs from Trump’s first term—25% on steel and now 25% (up from 10%) on aluminum, effective March 12. Previous exemptions for certain countries and products were removed.

On February 13, the administration introduced the “Fair and Reciprocal Plan,” aimed at evaluating imbalanced trade relationships and recommending matching reciprocal tariffs. Initial findings are expected to prompt further investigations and policy actions.

Additional investigations were launched under Section 232:

February 25: Copper imports and their potential impact on national security.

March 1: Imports of timber, lumber, and related products (e.g., paper, furniture).

Furthermore, the administration has warned of potential new tariffs on a wide range of industries—including autos, pharmaceuticals, semiconductors, and agriculture—as well as on trade with the European Union, with some actions possibly taking effect after April 2.

Universal and Reciprocal Tariffs:
On April 2, a national emergency was declared, and a 10% universal tariff on all imports took effect April 5. Reciprocal tariffs targeting about 60 countries with trade deficits followed, including a 34% tariff on Chinese imports effective April 9.

Increased Tariffs on Chinese Imports:
In response to retaliatory actions by China, the U.S. raised duties on low-value Chinese imports. The ad valorem duty rate increased from 90% to 120%, and the postal item threshold rose from $75 to $100, effective May 2.

Elimination of the De Minimis Exemption:
Effective May 2, the $800 duty-free threshold for Chinese imports was removed to curb the influx of low-cost goods and address concerns linked to China’s role in the synthetic opioid crisis.

These shifts reflect a more protectionist U.S. trade stance, raising concerns over inflation, global supply chain disruption, and retaliatory actions from key trade partners.

How Do Tariffs Affect the Attractions Industry?
The attractions industry depends on global supply chains for both component parts and finished goods. Tariffs—taxes paid by the importer—raise the overall cost of many of these items, often leading to higher consumer prices.

Small and medium-sized operators are particularly vulnerable, as they may lack the resources to absorb these cost increases. Many are left with no choice but to pass these expenses on to customers, impacting everything from ticket prices to food and merchandise.

US and EU avert trade war with 15% tariff deal

Preliminary E.U. Trade Deal Reached After Months of Tense Talks

Fact Sheet: President Donald J. Trump Continues Enforcement of Reciprocal Tariffs and Announces New Tariff Rates

Donald Trump delays higher tariffs but announces new taxes for some countries | BBC News

Navigating the New Tariffs: Legal and Strategic Implications for International Transactions - IAAPA Webinar (May 13, 2025)

The White House.gov Fact Sheets

Office of the United States Trade Representatives 

Bloomberg News 

Trump Tariffs Tracker from Bloomberg.com (Paywall) 

European Commission

Global Trade & Tariff Tracker: Key Developments This Week from DGA Group (April 18, 2025)

Pillsbury Global Trade & Sanctions Law

U.S. Commercial Service | www.trade.gov (PDF)

SelectUSA - One Sheet (PDF)

Import Duties on Amusement Rides

Many IAAPA members have asked whether amusement rides are subject to import tariffs in the United States. The answer is complex and depends on the specific tariff classification that applies to the products and their country of origin. 

HTS Classification for Amusement Rides

• Amusement rides are generally classified under HTS Heading 9508: “Traveling circuses, amusement park rides, fairground amusements, water park amusements, etc.” The most common subheading is 9508.29.00.00 – “Other amusement park rides and water park amusements, not otherwise specified.”
• Under the U.S. Harmonized Tariff Schedule, the “normal” general duty rate for 9508.29.00.00 has been Free (0%). However, during 2025 the Government has adopted various new country-wide and product-specific tariffs that affect most imports.
• Asserting authority under the International Emergency Economic Powers Act (IEEPA), the Government has imposed varying duty rates on virtually all countries, ranging from a low of 10 percent to a high of 50 percent (Brazil). (The EU and Japan are at 15 percent). The IEEPA tariffs on China currently total 30 percent, but can be much higher depending on whether the specific product category is subject to “Section 301” tariffs.
• The Government has also implemented tariffs on certain product categories under a separate legal authority, Section 232. The Section 232 tariffs on steel and aluminum (currently 50 percent), which apply to imports from all countries, have been extended to a range of products that contain steel and aluminum as components (known as “derivative products”). Amusement rides have not been designated as derivative products, but there is a procedure allowing U.S. companies to propose to add new categories to the covered list, and therefore the situation remains fluid.
• Products of Canada and Mexico that are certified to comply with the USMCA rules of origin remain exempt from the IEEPA tariffs for now.
• Certain companies and states have filed legal challenges against the IEEPA tariffs. The Supreme Court agreed to review the appeals on an expedited basis and oral argument is scheduled for November 5.

Crucial Issues for Members

• Using an incorrect tariff classification or country of origin to avoid tariffs is considered a crime.
• Check and validate the tariff classification and origin used on your import entries.
• Consult with a trade or customs lawyer if classification or origin is uncertain.
• Determine the tariff liabilities before you place orders or enter into contracts.

This information is for general guidance only and not legal advice. IAAPA encourages members to confirm their specific situation with customs experts or trade counsel.

The European Commission and the White House have finally published the joint statement agreed with the US to set out the terms of the trade deal reached in Turnberry on 27 July. The document, billed as a Framework Agreement, sets out in greater detail what was agreed at the end of July but also emphasises that this is a “first step in a process that can be expanded over time to cover additional areas.”

The key provisions include:

• The EU commits to eliminate tariffs on all US industrial good imports. Once the EU has passed legislation to ensure this, then the US will lower tariffs for cars and car parts to 15%. Provided the EU legislative proposal to reduce industrial tariffs is released this month, the US has committed to reduce tariffs on European cars retroactively from 1 August.
• The EU and US will work towards a mutual recognition agreement on standards for cars, while working to facilitate mutual recognition and conformity assessment in both sides of the Atlantic. This includes streamlining SPS requirements for pork and dairy products. Both parties will also negotiate a mutual recognition agreement on cybersecurity.
• The US will apply the MFN rate on the following EU exports: “unavailable natural resources (including cork), all aircraft and aircraft parts, generic pharmaceuticals and their ingredients and chemical precursors”. The list is shorter than the EU hoped but is open-ended as both US and EU will consider “other sectors and products” for inclusion in the list of products that will only face the MFN duty. The EU had hoped to include wine and spirits, but this was eventually not part of the deal.
• The US commits to not imposing a duty above 15% on EU exports of pharmaceuticals, semiconductors, and lumber as part of any future Section 232 sectorial tariffs.
• The EU and the US will “consider the possibility to cooperate” to protect their markets from global overcapacity in steel, aluminium, and derivates, including via TRQ-based solutions. Tariffs on steel however remain at 50% for the time being.
• The EU and US will negotiate how to tighten rules of origin to avoid third-country products from benefiting from the agreement’s terms.
• The EU commits to purchasing $750 billion through 2028 in energy products (LNG, nuclear) and $40 billion in AI chips. Similarly, European companies are expected to invest an additional $600 billion across strategic sectors in the US through 2028. The EU will also purchase more US-made military and defence equipment. How any of these commitments will play out in practice remains unclear.
• On the digital front, the EU committed to not introducing network usage fees nor imposing customs duties on electronic transmissions. This decision removes a significant concern for US tech platforms, which had strongly opposed such fees. The joint statement makes no reference to the EU’s flagship digital regulations, the DSA and DMA, despite US efforts in recent weeks to secure a review. Commissioner Šefčovič reiterated that the EU’s regulatory autonomy remains non-negotiable and that digital rules and taxation (including DSTs) were deliberately kept outside the scope of the agreement. Senior officials underlined there is no “hidden language” that would dilute or delay the EU’s digital rulebook, which has always been a key ask of the European Parliament.
• The EU also commits to making the EUDR (Deforestation), CBAM (carbon border adjustment mechanism), CSRD and CSDDD (sustainable reporting & due diligence) frameworks more flexible for US companies and reduce red tape.
• Both the EU and the US will cooperate to tackle third country (i.e., China) export restrictions on critical mineral and other similar resources. Similarly, both parties will cooperate to enhance supply chain resilience to address third country’s non-market policies by addressing non-market practices, unfair competition, and lack of reciprocity in public procurement.
• The EU commits to lower tariffs on “wide range of U.S. seafood and agricultural goods, including tree nuts, dairy products, fresh and processed fruits and vegetables, processed foods, planting seeds, soybean oil, and pork and bison meat”.

Next steps: Trade Commissioner Sefcovic announced that the Commission will publish “this month” a legislative proposal to eliminate tariffs on US industrial goods and lower those for agricultural goods to benefit from the retroactive reduction in car tariffs from 1 August.

EU will delay planned U.S. tariffs for six months to allow for trade talks

Major Tariff Rollout Set for August 7
President Trump signed an executive order on August 1, 2025, outlining sweeping "reciprocal" tariffs on over 60 countries, with duties ranging broadly from 10% up to 41% on select nations. 

Although announced on August 1, most of these tariffs take effect at 12:01 a.m. EDT on August 7 to allow final negotiation efforts. 

Country-Specific Rates & Highlights
Canada: Tariff hiked from 25% to 35% effective August 1 for most goods, particularly targeting Canada’s northern border drug concerns. 

India: A 25% tariff launched August 1, affecting key exports such as IT, pharmaceuticals, textiles, auto parts, and engineering goods. 

For countries not listed individually—typically those where the U.S. has a trade surplus—a default baseline tariff of 10% will apply. 

Broader Changes: Copper, Import Rules & Enforcement
A 50% tariff on semi‑finished copper and related products (e.g., pipes, wires, connectors) went into effect on August 1.

The de minimis exemption for low‑value shipments (under $800) will be suspended starting August 29, meaning these goods will also now be subject to full tariffs.

New rules addressing transshipment penalties—especially for goods shipped indirectly via third countries intended to evade duties—apply from August 7 onward.

Further Modifying the Reciprocal Tariff Rates

The White House sets a swath of new tariff rates — and a new date — for dozens of countries

The European Commission and the Trump administration announced an intended trade deal between the European Union and the United States of America. At present, conflicting information on the content of this deal has been shared by both parties. IAAPA is monitoring the situation and will provide updates once the agreement’s official and legally binding terms are published by the competent authorities. The process to finalize this trade deal is expected to take several weeks or months.

Statement by the President on the deal with the United States

Fact Sheet: The United States and European Union Reach Massive Trade Deal – The White House

U.S.–China Trade Talks in Stockholm

On July 28, U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng began talks in Stockholm to extend the tariff truce by 90 days beyond the August 12 deadline. 

If successful, the negotiations may pave the way for a Trump‑Xi summit and Beijing could agree to relax export controls, especially on rare-earth materials—while Washington seeks commitments on fentanyl control and market access. Analysts view this as a critical step to defuse tensions.

U.S.–EU Trade Deal Averts Escalation

• On July 27, U.S. President Donald Trump and EU Commission President Ursula von der Leyen finalized a trade agreement that imposes a 15% tariff on most EU exports to the U.S., down from the previously threatened 30% rate.
• In return, the EU committed to $750 billion in U.S. energy purchases and $600 billion in investments, including military procurements.
• Select strategic goods—such as aircraft parts, semiconductors, generic pharmaceuticals, and chemicals—will fall under a zero-for-zero tariff framework.
• Previous U.S. steel and aluminum tariffs remain at 50%, though discussions are underway about potential adjustments.

Broader “World Tariff” Strategy 
Trump has signaled plans for a broader "world tariff" of 15–20% on imports from countries that haven’t negotiated bilateral agreements, with some facing tariffs as high as 50%, such as Brazil.

• These tariff hikes are set to take effect on August 1, increasing pressure on countries to finalize trade agreements before that deadline.

Trump announced a major trade agreement with Japan: 

U.S. to impose a 15% tariff on Japanese imports—down from an earlier threatened 25%. In return, Japan commits to investing $550 billion in the U.S. and opening markets to American cars, agri-products, and more. 

Markets responded positively, with U.S., Japanese, and European stock gains noted.

Treasury Secretary Scott Bessent shared that U.S.–China officials will meet in Stockholm to discuss an extension beyond the current August 12 deadline for tariff suspension negotiations.

A framework agreement was revealed—Indonesia will lift non-tariff barriers and critical-mineral restrictions. The U.S. agreed to reduce its previously threatened 32% tariff to 19% on Indonesian goods.

Trump announced via Truth Social a deal with the Philippines. The U.S. will impose a 19% reciprocal tariff on Filipino imports (down from a higher threatened rate), while the Philippines reportedly will eliminate tariffs on U.S. exports.

Trump issued an ultimatum to Russia and its trading partners: unless a Ukraine peace deal is reached within 50 days, tariffs on goods from Russia’s allies could reach 100%.

Russia may face Trump tariffs in 50 days, what does US import from Russia?

Trump reached a deal with Indonesia, settling on a 19% U.S. tariff on Indonesian exports (down from a threatened 32%) in exchange for Indonesia purchasing $15 billion in U.S. energy and 50 Boeing aircraft.

Politics Trump says Indonesia trade deal features 19% tariff; Jakarta confirms call with U.S. president

The EU warned these 30% tariffs would “hammer trade”, potentially cutting euro‑area growth by 0.7% and prompting countermeasures.

For Europe, 30% US tariff would hammer trade, force export model rethink

Trump targeted his largest trade partners, announcing 30% tariffs on all imports from the EU and Mexico, plus threats to extend duties to Canada (35%) and impose sectoral tariffs (50% on copper, 30% on fentanyl precursors or “pharmaceuticals”).

Trump slaps 30% tariffs on all goods from EU and Mexico

Letters continued to U.S. trading partners (Brazil, Japan, South Korea, etc.), with country-specific reciprocal tariffs reaching up to 50%, but implementation delayed to August 1.

Trump 2.0 tariff tracker

Trump announced a sweeping new tariff wave under his "Liberation Day 2.0" escalation. This included a 50% tariff on copper, plus threatened tariffs up to 200% on pharmaceuticals. Letters warning of impending tariffs (effective August 1) were sent to 14 mostly Asian countries.

Stock Market News, July 8, 2025: Trump Unveils 50% Levy on Copper, Sending Price to Record

Key Highlights on U.S. Tariffs

• 10% Baseline Tariff:
  As of April, a minimum 10% tariff applies to nearly all U.S. imports, with limited exceptions (e.g., cellphones and computers).
   
• Higher Tariffs on Chinese Imports:
  Goods imported from China face a significantly higher tariff of 30%. 
   
• Country-Specific Tariff Rates:
  Japan (25%)
  Korea (25%)
  South Africa (30%)
  Kazakhstan (25%)
  Laos (40%)
  Malaysia (25%)
  Myanmar (40%)
  Tunisia (25%)
  Bosnia and Herzegovina (30%)
  Indonesia (32%)
  Bangladesh (35%)
  Serbia (35%)
  Cambodia (36%)
  Thailand (36%)
   
• United Kingdom: Imports taxed at the baseline 10% rate.
   
• Steel, Aluminum, and Automotive Imports:
  • Steel & Aluminum: Taxed at 50%, except from the U.K., which is taxed at 25%.
  • Cars & Car Parts: Taxed at 25%, except for goods covered under the USMCA, which remain tariff-free.
     
• U.S.-Mexico-Canada Agreement (USMCA):
  Initial tariffs on Mexican and Canadian imports (25%, or 10% for Canadian energy) were lifted for goods covered under the 2020 USMCA trade deal.
   
• European Union Tariffs:
  Initially set at 20%, then rolled back to 10%. Future increases are possible, with Trump suggesting rates could reach 50%.

The trade environment between the United States and its international partners remains subject to sudden policy shifts, with significant implications for global commerce. The U.S. maintains a baseline 10 percent tariff on most imports from nearly all trading partners, with elevated rates for major economies including China, the European Union, and others. Legal challenges to tariff implementations under the International Emergency Economic Powers Act are progressing through U.S. federal courts, with oral arguments scheduled for July 31, 2025, at the U.S. Court of Appeals for the Federal Circuit. 

A 90-day pause on elevated reciprocal tariffs is set to expire on July 9, 2025, after which tariffs would revert to previously announced levels unless new bilateral agreements are reached or extensions granted. Administration officials have indicated that countries will receive notification by July 9 regarding their tariff status, with increased tariffs taking effect on August 1 for countries that have not secured agreements. However, officials have also suggested that deadlines may be extended for countries demonstrating "good faith" in negotiations, emphasizing flexibility depending on the progress of bilateral discussions. 

This trade landscape remains characterized by ongoing negotiations and the possibility of rapid policy adjustments. The United Kingdom and Vietnam have secured preliminary agreements, while multiple bilateral discussions are underway for additional agreements. Tariff rates may be modified based on negotiation outcomes. IAAPA will continue monitoring these developments closely and providing timely updates to members, as policy changes can occur with limited advance notice and may have immediate operational implications. We encourage all members to stay engaged with our ongoing advocacy efforts during this period of uncertainty.

President Trump Increases Steel & Aluminum Tariffs to Protect U.S. Industries

Protecting National Security
President Trump signed a proclamation raising tariffs on steel and aluminum imports from 25% to 50%, effective June 4, 2025. 

The policy targets unfair trade practices and excess global capacity that threaten U.S. national security. 

Tariffs apply only to the steel and aluminum content of imported goods. 

UK Exemption
Tariffs on steel and aluminum from the United Kingdom remain at 25%, pending changes tied to the U.S.-UK Economic Prosperity Deal (effective July 9, 2025). 

Cracking Down on False Declarations
New enforcement measures will require accurate reporting of steel and aluminum content in imports.

Violators face fines and potential loss of import privileges.

Restoring Fair Trade
Foreign dumping of cheap steel and aluminum has undermined U.S. producers.

Domestic capacity utilization has declined in recent years, with 2023 figures at: 

• Steel: 75.3% 

• Aluminum: 55% 

Revitalizing American Manufacturing 

Section 232 tariffs from Trump’s first term led to: 

• Thousands of jobs added 

• Billions invested in U.S. mills 

• Steel and aluminum imports reduced by nearly a third (2016–2020)

Tariffs Proven Effective
Multiple studies confirm tariffs stimulate domestic production and reshoring: 

U.S. International Trade Commission (2023): Tariffs reduced Chinese imports, boosted U.S. manufacturing. 

Economic Policy Institute: No link between tariffs and inflation. 

Atlantic Council: Tariffs incentivize purchase of U.S.-made goods. 

2024 Economic Study: A 10% global tariff could add $728B to GDP, create 2.8M jobs, and raise incomes by 5.7%.

Read the Fact Sheet

The US administration has given the first signs that it is willing to start negotiations with the EU since the pause on retaliatory tariffs. In a letter addressed to the Commission, the US has reacted to a list of potential concessions set out by the EU, including purchases of LNG and soybeans, a willingness to address non-tariff barriers and pursue joint efforts to counter Chinese overproduction. Trade Commissioner Sefcovic spelled out this week that the EU and US should work together to tackle overcapacity in the steel sector, reduce their dependencies on critical minerals and cooperate on sensitive technologies like AI and chips production. However any agreement on tariffs still seems distant and the EU is resigned to the fact that the US still seems intent on keeping some tariffs, particularly the 10% baseline, which remains a red line for the Commission and the Member States.

As a result, the EU will continue to explore a further set of re-balancing measures which are currently under consultation. Given that the initial set of countermeasures to the steel and aluminium tariffs elicited over 600 responses from stakeholders, the Commission is likely to be inundated with special pleading from a wide range of sectors. The EU Trade Ministers' meeting on 15 May simply took stock of the situation as they continue to analyse the impact of the list on their own national industries. Keeping member states on board and maintaining EU unity remains the Commission’s key priority. 

Ministers also heard an initial analysis of the impact on the EU of the deals struck between the US and UK and China. Sefcovic pointed out that details still remained vague, but the impression was that these were very limited in scope and more of a political agreement to start negotiations. Ministers were keen to stress that the EU should not accept any limited deal like the UK one but take the necessary time to agree a fair and balanced partnership. The Polish presidency summed it up: “the main lesson from the UK and Chinese deals would be don’t jump too fast; we don’t need a quick deal, we need a good deal”. 

However, EU Trade Minister will have been acutely aware of President Trump’s latest broadside against the EU, labelling it as “many ways nastier than China” and his assertion that “Oh they’ll come down a lot. You watch. We have all the cards. They treat us very unfairly”. 

One area that the Commission insists it will not be following the UK deal is on regulatory concessions. MEPs in particular have been seeking reassurances from the EU negotiators that EU legislation is not on the table, with particular concerns that new rules on methane leaks could be diluted to help reach a deal on increased LNG deliveries. 

This update was prepared by DGA Group Europe

IAAPA EU Public Affairs Update: EU-US Relations & Tariffs, from Moritz Bartosch, IAAPA EMEA Manager, Government Relations