The Trump administration faces a similar lawsuit in Florida federal court, where a small business owner has asked a judge to block tariffs imposed on China.

Two-thirds of CEOs said that they do not approve of Trump's tariffs, while 76% said that they believe tariffs will negatively impact their businesses in some way this year. 

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Tariffs, trade wars, and supply chain disruptions have transformed global commerce into something akin to a high-stakes magic performance. 

CBP's claim that it collects over $200 million in tariff revenue each day contrasts with President Donald Trump’s figure of $2 billion per day. 

The suspended tariffs will cover a range of products, including plywood, pasta, fruit juices, coconut oil, pine nuts, agave syrup and plant bulbs.

The move comes two days after the U.K. government legislated to take control of the steelmaker from its Chinese owner Jingye Group in a bid to save the Scunthorpe site.

Most big businesses operating global supply chains have learned a lot of lessons in the art of agility over the last few years.

The approved measures, set to be formally adopted in October 2025 before entry into force in 2027, will become mandatory for large oceangoing ships over 5,000 gross tonnage.

Even balanced against elevated levels earlier this year, total 2025 cargo volume could show a net decline of 15% or more unless the situation with tariffs changes.