President Issued an Executive Order Extending the Pause on Reciprocal Tariffs
On July 7, President Trump signed an executive order to extend the pause of the increase in reciprocal tariffs for the 60 countries subject to higher tariffs. He extended the pause from July 8 to August 1, for more time for ongoing negotiations to be completed. In the meantime, he has posted 14 letters on social media that have been sent to 15 countries of what the reciprocal tariffs are expected to be if negotiations are not completed by August 2025. They are:
Japan 25% (was 24%)
South Korea 25% (unchanged)
Laos 40% (was 48%)
Myanmar 40% (was 44%)
South Africa 30% (unchanged)
Kazakhstan 25% (was 27%)
Malaysia 25% (was 24%)
Bosnia & Herzegovina 30% (was 35%)
Thailand 36% (unchanged)
Cambodia 36% (was 46%)
Serbia 35% (was 37%)
Bangladesh 35% (was 37%)
Indonesia 32% (unchanged)
Tunisa 25% (was 28%)
Some countries have already secured agreements, such as the United Kingdom—with quotas on cars—and with Vietnam. This executive order did not extend the pause for China, Hong Kong, and Macau, which remains set to end on August 12. The executive order can be found at: Extending the Modification of the Reciprocal Tariff Rates – The White House
Tentative Reciprocal Tariff Agreement with Vietnam
President Trump announced on social media that the United States has agreed to a trade deal with Vietnam. Vietnamese goods will be subject to a tariff of 20% upon import into the United States, while Vietnam will reduce its tariffs on U.S. goods to 0%.
This agreement includes a clause that Vietnamese goods considered to be “Transhipping” will be subject to a 40% U.S. tariff. The term transhipping is not defined in the announcement, but we believe it has to do with the China content in goods that have been substantially transformed into a final product in Vietnam. This would be a new concept, but this is speculation. We will watch for any formal announcement as the agreement is finalized and further guidance is issued.
PierPass Will Increase the Traffic Mitigation Fee
The West Coast Marine Terminal Operators Agreement (WCMTOA) announced on Friday that the Traffic Mitigation Fee (TMF) at the Ports of Los Angeles and Long Beach will be increased by 2.84%. Beginning August 1, 2025, the TMF collected through PierPass will be $38.78 for twenty-foot containers and $77.56 per forty-foot containers to help pay for off peak services and extended gate costs. The adjustment matches the annual increase in longshore wage and assessment rates that was recently increased in the coastwide contract between the International Longshore and Warehouse Union and the Pacific Maritime Association. The link to the announcement can be found at: TMF at Ports of Los Angeles and Long Beach to Increase 2.84% on August 1, 2025 – Pierpass
U.S. Customs and Border Protection (CBP) has decided to restructure the Commercial Customs Operation Advisory Committee (COAC) work groups to align the focus on the priorities of the President’s America First Trade Policy. CBP sent notices to all working group members to conclude any current project recommendations before the next COAC Public Meeting in September. Current working groups will close, but COAC will not end. CBP is developing new strategies for COAC to work on.