The US-China trade war continues to escalate, with the latest salvo from China coming Friday. In a statement, China retaliated against the reciprocal tariffs from the US by raising its levies on US goods to 125% from 84%, according to the Customs Tariff Commission of the State Council. This follows a busy week of tariff news published by the Trump administration who confirmed on Thursday that the US tariff rate on Chinese imports now effectively totals 145%. The news of the...

President Trump signed a new executive order, “Modifying Reciprocal Tariff Rates to Reflect Trading Partner Retaliation and Alignment” (the Order) on April 9, marking yet another significant shift in U.S. trade policy. The Order, effective as of 12:01 a.m. EDT on April 10, 2025, amends Executive Order 14257 and the April 8 Executive Order, “Amendment to Reciprocal Tariffs and Updated Duties As Applied to Low-Value Imports from the People’s Republic of China” (the April 8 Order). The latest order intensifies tariff pressure on...

As the typical tariffs on many goods from China have soared to at least 45 percent, some suppliers in China are offering U.S. purchasers a way of avoiding or reducing the tariffs. However, U.S. importers should carefully scrutinize such offers. Attempting to lower or avoid tariffs without the proper analysis and exercise of reasonable care could lead to enforcement actions by U.S. Customs and Border Protection (CBP) and significant monetary penalties. The reported proposal: Some suppliers in China are suggesting to their U.S. customers that the supplier issue...

By Ian Hunter, Director, OCO Global "I never get too attached to one deal or one approach". Chapter 2 of the Art of the Deal, "Trump Cards: The Elements of the Deal”. In The Art of the Deal, President Trump underscores the significance of flexibility and the avoidance of excessive structure. Rigid agendas, he believes, can stifle innovation – particularly when market demands require an adaptable approach to capitalize on challenging opportunities. It’s a strategy that shaped his business empire, and now drives...

On April 2, 2025, President Trump signed a new Executive Order (the “Liberation Day EO”) implementing additional tariffs on almost all U.S. trading partners, invoking the International Emergency Economic Powers Act (IEEPA). Citing a lack of reciprocity in the U.S.’s bilateral trade relationships, disparate tariff rates and non-tariff barriers assessed by U.S. trading partners, and concerns over U.S. trading partners’ economic policies, the Liberation Day EO assesses an additional 10 percent baseline ad valorem duty on nearly all imports as of April 5,...

By Simon Kelly, Global VAT Services, RSM US LLP For many Americans, the concept of Value-Added Tax (VAT) might seem unfamiliar or confusing. However, understanding European VAT is essential if you are a U.S. business owner looking to expand into Europe, a traveler planning a European adventure, or someone simply curious about global economics. In the United States, sales tax is the predominant form of consumption tax, applied at the point of sale and varying by state and locality. In contrast,...

By Frank Desiderio, Partner, and Arthur Bodek, Partner, Grunfeld Desiderio Lebowitz Silverman & Klestadt Even before all of the craziness that was kicked off on “Liberation Day”, GDLSK partners Frank Desiderio and Arthur Bodek were invited to give a presentation entitled “Truth or Dare – Trump Tariffs – Truth v. Fake News” to the Quebec General Delegation in New York on March 11, 2025.  We addressed the then current state of affairs as it related to: Brief History of Trade War Tariffs Review...