- Major Trade Agreements Announced: The US signed the Economic Prosperity Deal with the UK on May 8 and reached a tariff-reduction deal with China on May 12, lowering tariffs on many Chinese goods to 30% during a 90-day pause starting May 14.
- Tariff Uncertainty Remains: If no broader agreements are finalized by July, reciprocal tariffs introduced on April 2 will be reinstated, and imports from other countries may also face increased rates.
- Court Blocks Key Tariffs: On May 28, a US court ruled President Trump overstepped his authority under IEEPA in imposing certain tariffs, though the appellate court allowed them to remain during the appeal process.
Source PwC
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