US: IRS issues guidance on safeguarding taxpayer identity with multi-factor authentication, IP PINs, and online accounts
The IRS and Security Summit urge taxpayers and tax professionals to use identity protection PINs, secure online accounts, and multi-factor authentication to safeguard against tax-related identity theft. The US Internal Revenue Service (IRS) has
See More
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
See More
US: IRS announces tax relief to West Virginia storm victims
Individuals and households residing in or having a business in Marion and Ohio counties qualify for tax relief. The US Internal Revenue Service (IRS) issued WV-2025-04 on 8 August 2025, announcing tax relief for individuals and businesses in
See More
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 More
US, 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
See More
Switzerland to face 39% tariff as trade talks with the US falter
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
See More
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 More
US: IRS Confirms 2025 individual filing rules and withholding tables unchanged under ‘One Big Beautiful Bill Act’
The IRS announced there will be no changes to certain information returns or withholding tables under the phased implementation of the One Big Beautiful Bill Act for the 2025 tax year. The US Internal Revenue Service (IRS) has issued
See More
US 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
See More
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
See More
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
See More
US clarifies tax policy for digital assets
The report is the outcome of President Trump's executive order to establish a "working group" for developing a regulatory framework for digital assets. The US President’s Working Group on Digital Asset Markets has issued a report titled
See More
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
See More
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
See More
US imposes 50% tariffs on India for Russian oil trade
President Trump imposed an additional 25% tariff on top of the existing 25% tariff on Indian goods, citing India’s high tariffs, trade barriers, ties with Russia, and imports of Russian oil. US President Donald Trump issued an executive order
See More
Switzerland signals willingness to revise US offer in response to heavy tariffs
Switzerland plans to revise its trade offer following the US announcement of 39% import tariffs amid rising economic concerns. The Swiss government is preparing to revise its offer to the US following the announcement of 39% import tariffs set
See More
Taiwan confirms temporary 20% US tariff, highlights ongoing chip tariff talks
Taiwan President Lai Ching-te said the new 20% US tariff on Taiwanese imports is "temporary” and plans to negotiate for a lower rate. Taiwan President Lai Ching-te stated that the U.S. government’s new 20% tariff on Taiwanese imports,
See More
US cuts tariff on Bangladeshi imports to 20%
The US has lowered its tariff on imports from Bangladesh to 20%, down from the previous steep rate of 35%. The US has reduced its reciprocal tariff rate on imports from Bangladesh to 20%, down from the previous 35%, following intense final
See More