Washington Trade Daily

World Trade Organization General Council Chair David Walker has announced Monday's meeting to decide the next WTO Director General has been postponed, because of the new COVID-19 restrictions in Geneva and "current events" (i.e. US Presidential election).

US-CHINA TALKS TO CONTINUE IN SEPTEMBER
There were no major breakthroughs at a short round of high-level US-China trade talks that ended today in Shanghai, but the discussions were "constructive," with the two sides agreeing to meet again in early September, according to the White House.
"We expect negotiations on an enforceable trade deal to continue," a White House statement said.
During the talks, Beijing confirmed that it will increase purchases of US agricultural products. China's failure to carry out any earlier commitment to buy more farm products has been a sore point with President Trump in recent weeks.
Among the topics discussed in Shanghai were forced technology transfer, intellectual property rights, services, non-tariff barriers and agriculture, according to the White House.

President Trump explains his tariff policy (sigh):

"We've told Mexico the tariffs go on. And I mean it, too. And I'm very happy with it. And lot of people, senators included, they have no idea what they're talking about when it comes to tariffs. They have no -- absolutely no idea.

When you have the money, when you have the product, when you have the thing that everybody wants, you're in a position to do very well with tariffs, and that's where we are. We're the piggybank. The United States is the piggybank. It has all the money that others want to take from us, but they're not taking it so easy anymore. It's a lot different."

Perhaps cognizant of the fact that this is not a good time to start another tariff war, President Trump this morning walked back from his oft-repeated threat to impose 25 percent tariffs on imported autos, saying that he instead has directed US Trade Representative Robert Lighthizer to negotiate agreements with Japan and the European Union that would reduce their imports
Mr. Trump is giving Japan and the EU six months to conclude deals with the United States.
The President confirmed that Commerce Secretary Wilbur Ross found that imported autos are parts are a national security threat in his Section 232 report. “The Secretary found and advised me of his opinion that automobiles and certain automobile parts are being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States,” according to the Presidential proclamation.

Never one to mince words, Senate Finance Committee Chairman Chuck Grassley has a blunt warning this morning for President Trump -- the US-Mexico-Canada trade agreement "dead" unless President Trump lifts the Section 232 tariffs on steel and aluminum from Canada and Mexico.