Canada to exempt retaliatory tariffs on US imports under CUSMA
Canada’s government decision to abolish all tariffs on US goods under CUSMA will take effect on 1 September 2025. Canada’s Prime Minister Mark Carney announced on 22 August 2025 that Canada will eliminate tariffs on US goods covered under the
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US: IRS, Treasury release FAQs for the accelerated termination of select OBBBA energy provisions
These FAQs provide guidance on several energy credits and deductions that are expiring under OBBBA and their termination dates. The US Internal Revenue Service (IRS) has released a fact sheet with FAQs (FS-2025-05) on 21 August 2025 to clarify
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US, EU reaches agreement on a framework for trade deal
This joint statement is aimed at solidifying the US-EU commitment to equitable trade and investment, strengthening one of the world’s most significant economic relationships, and driving reindustrialisation. The Trump Administration announced
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US: Treasury, IRS propose new reporting rules for partnership interest sales
Public comments are open until 18 September 2025. The US Department of the Treasury and the Internal Revenue Service (IRS) have proposed regulations modifying information reporting obligations with respect to sales or exchanges of certain
See MoreUS: IRS revises payment loss rules (DLP), extends transition relief for dual consolidated loss and GloBE model rules
Notice 2025-44 proposes the withdrawal of the disregarded payment loss (DPL) rules finalised in January 2025 and extending the transition relief for the interaction of dual consolidated loss (DCL) rules with the OECD/G20 BEPS GloBE model
See MoreUS: Commerce Department expands steel and aluminium tariffs to include 407 more products
The steel and aluminum used in these products will be subject to a 50% duty rate. The US Department of Commerce’s Bureau of Industry and Security has expanded the steel and aluminium tariffs to include 407 additional product categories covered
See MoreUS rejects IMO proposal for global shipping emissions tax
A joint statement criticises the proposal as a “global carbon tax on Americans” imposed by an unaccountable UN body, which warns of potential retaliation or remedies against supporting countries if US efforts to oppose the framework are
See MoreUS: IRS proposes rules on F reorganisations involving US real property transfers
Notice 2025-45 announces plans to propose regulations modifying the application of Sections 897(d) and (e) to certain inbound F reorganisations under Section 368(a)(1)(F) involving US real property interests. The US Internal Revenue Service (IRS)
See MoreUS: IRS updates reporting rules for research tax credit (Form 6765)
The updated Form 6765 now includes mandatory sections E and F for all taxpayers, while section G is optional for tax years before 2025 and mandatory starting in 2025. The US Internal Revenue Service (IRS) has introduced a revised Form 6765,
See MoreUS: IRS opens applications for 2026 Compliance Assurance Program
The 2026 Compliance Assurance Process (CAP) program application period will run from 3 September to 31 October 2025. The US Internal Revenue Service (IRS) has released IR-2025-84 on 18 August 2025, in which it announced the opening of the 2026
See MoreUS: Tax rule revisions ease concerns for clean energy investors, IRS clarifies tax credit phaseout
The Trump administration’s revised subsidy rules, effective 2 September, narrowed the “under construction” definition for solar and wind projects to qualify for a 30% federal tax credit, requiring substantial physical work while maintaining a
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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
See MoreUS 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
See MoreUS: 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
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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
See MoreUS: 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
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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
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