Venezuela prolongs state of economic emergency amid US tariff concerns
The state of emergency is set to remain in effect for 60 days, with the option to extend it for an additional 60 days. Venezuela published Executive Decree No. 5.157 in the Official Gazette on 8 August 2025, declaring a state of national
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South Africa to submit revised trade deal to US to address 30% tariff
South Africa has submitted a revised trade offer to the US on 12 August 2025 to seek a reduction of the 30% tariff imposed on its exports. South Africa plans to present a revised trade proposal to the US to reduce the 30% tariff recently
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US imposes 15% tariff on goods from Trinidad and Tobago
The US has imposed a 15% tariff on Trinidad and Tobago’s key exports like ammonia and methanol, but exempts tariffs on crude oil and natural gas. The US has implemented a 15% reciprocal tariff on imports from Trinidad and Tobago on 7 August
See MoreUS suspends de minimis duty exemption on low-value imports
The Trump administration has ended the duty-free treatment for imports valued at USD 800 or less, effective 29 August 2025. US President Trump signed an executive order on 30 July 2025, suspending the duty-free de minimis treatment for
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Mexico increases tariffs on goods via simplified customs scheme
The ad valorem tariff for goods imported by courier under the simplified regime has increased to 33.5%, while USMCA goods over USD 117 face a 19% tariff, effective 15 August 2025. Mexico’s tax authority (SAT) has updated tariffs for imported
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China pauses 24% tariff on US goods for 90 days, keeps 10% levy
China extends the suspension of 24% additional tariffs on US imports for 90 days, keeping 10% tariffs intact. China’s Customs Tariff Commission of the State Council announced on 14 August 2025 that it has temporarily suspended its additional
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Taiwan seeks lower US tariffs, continues negotiations
Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest contract chipmaker, supplies chips to major technology companies including Nvidia. Taiwan’s Cabinet is continuing negotiations with the US to secure more favourable tariff
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Cambodia sets 0% duty on select US goods
Cambodia sets a 0% customs duty on new goods originating from and imported directly from the US. Cambodia’s government issued Sub-Decree No. 139 on 8 August 2025, establishing a 0% customs duty rate on goods originating from and imported
See MoreUS, China agree to 90-day tariff suspension
Without the extension, US tariffs on Chinese goods would have climbed to 145%, while Chinese tariffs on US goods would have reached 125% from 11 August. President Donald Trump signed an executive order on 11 August 2025, extending the tariff
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Korea (Rep.), Vietnam agree to strengthen economic cooperation
South Korea and Vietnam have agreed to deepen economic and strategic cooperation, targeting USD 150 billion in bilateral trade by 2030. Korea (Rep.) and Vietnam have agreed to enhance economic and strategic cooperation amid increasing global
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South Africa: SARS extends special licences for importing, storing jet fuel to prevent potential shortages
SARS has extended special licenses for jet fuel and kerosene imports and storage until 31 October 2026. South Africa’s Fuels Industry Association (FIASA) announced on 8 August 2025 that the South African Revenue Service (SARS) has extended
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Switzerland to face 39% tariff as trade talks with the US falterÂ
Switzerland faces 39% US tariffs on exports starting 7 August 2025. Switzerland is likely to face 39% US tariffs on its exports after the country’s President Karin Keller-Sutter failed to secure a trade deal with the US, which is set to take
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US implements tariffs on one-kilo gold bars
The US has imposed tariffs on imports of one-kilo gold bars, potentially affecting Switzerland. According to the Financial Times report on 7 August 2025, the US has imposed tariffs on imports of one-kilogram gold bars, citing a July 31 letter
See MoreUS to levy 100% tariffs on imported semiconductors, exempts local manufacturers
President Donald Trump announced a 100% tariff on imported semiconductors, exempting companies manufacturing or planning to manufacture chips in the US. US President Donald Trump announced a 100% tariff on imported semiconductors on 6 August
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Korea (Rep.): Chipmakers Samsung and SK Hynix excluded from 100% US tariffs
Chip manufacturers Samsung and SK Hynix will be exempted from 100% US tariffs due to local investments and MFN trade status. Korea ( Rep.) semiconductor giants Samsung Electronics and SK Hynix are set to avoid the 100% tariffs on chip imports
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US: Trump considers more China tariffs over Russian oil trade, cites India’s example
Trump has doubled tariffs on Indian imports to 50% over its continued Russian oil purchases and warned of further secondary sanctions, while giving China until 12 August to finalise a tariff deal. US President Donald Trump hinted on 6 August 2025
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US: Trump administration to levy modest tariff on pharmaceutical imports
The Trump administration is reviewing the pharmaceutical sector for national security, with potential tariffs starting at 25% but capped at 15% under an EU agreement, despite Trump’s earlier mention of rates up to 200%. US President Donald
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EU halts trade countermeasures following US agreement
The suspension is effective from today, 6 August 2025. The European Union has published Commission Implementing Regulation (EU) 2025/1727 of 5 August 2025 in the Official Journal of the European Union on 5 August 2025, which suspends the
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