The International Chamber of Commerce (ICC) pointed out on Thursday that the Trump administration's new round of massive tariff measures has created significant uncertainties for enterprises concerning implementation, which will harm the global trade order.
In a statement, ICC highlighted that the U.S. new regulations significantly increase complexity for businesses, particularly burdening small and medium-sized enterprises. It also called on the U.S. to provide clearer implementation guidelines.
ICC's Secretary-General John Denton emphasized in the statement that the impact of tariff policies extends beyond the tax rates themselves, and it also encompasses the operational chaos and uncertainty they create in implementation.
The new tariff policies implemented by the United States have made it difficult for export companies to determine the applicable tax rates, putting even multinational corporations with robust compliance systems in a challenging position.
The statement also noted that global trade continues to operate under World Trade Organization (WTO) rules, with several economies sending positive signals regarding trade liberalization.
Founded in 1919 and headquartered in Paris, the International Chamber of Commerce primarily focuses on establishing international business rules, resolving trade disputes, and providing policy recommendations.
The U.S. had previously imposed tariffs on its trading partners, significantly impacting many American businesses. Among these, the automotive industry has been especially affected by the tariffs.
The website Car and Driver reported on Wednesday that top executives in the automotive industry are warning of challenging times ahead, with product prices expected to rise alongside increasing tariffs.
Other U.S. sector companies are also suffering the impact of new tariff measures.
California-based Emerald Packaging is such a company. Specializing in producing packaging for agricultural products, it is currently facing a production crisis due to high tariffs on imported raw materials and equipment sourced from countries such as India, Brazil, Mexico, and Germany.
A report released by the National Retail Federation (NRF) on Friday indicated that U.S. import volume fell by 8.4 percent year-on-year in June, significantly exceeding expectations due to the tariff increases implemented by the Trump administration. With the new tariffs taking effect on Thursday, it is projected that total import volume for 2025 will decline by 5.6 percent compared to last year.
Trump first announced a set of tariffs on several countries in April, then postponed the implementation date several times to allow for negotiations and agreements, with the final date set for Thursday, Aug. 7.
The U.S. new tariff plan includes a global minimum of 10 percent and duties starting at 15 percent for countries with a trade surplus with the United States.
U.S. tariff hikes to undermine global trade order: ICC
