NEW YORKThe latest tariff deadline set by U.S. President Donald Trump for August 1 draws nearer. Additionally, trade talks with numerous nations are still ongoing, even though a number of additional agreements, or at least foundations for agreements, have been made since his last tariff deadline of July 9.
Back in April, Trump announced broad import duties on goods entering the United States from almost every nation. This contained increased reciprocal rates for some nations, most of which have subsequently been delayed twice.
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The Trump administration initially set a high target to meet, and they arrived in what appeared to be an attempt to halt and facilitate country-by-country negotiations.
However, only two agreements surfaced three months later: one with Vietnam and one with the United Kingdom. With China, a different structure for an agreement was worked out. Additionally, Trump started warning in letters in early July that dozens of nations will face greater taxes on August 1.
The United States has since announced trade arrangements with Indonesia, Japan, the Philippines, and the European Union. However, important details are either not immediately recorded in writing or are scant.
Here is all we currently know about the deals, arranged according to the most recent announcements.
The European Union
In response to Trump’s latest warning of 30% tariffs if no agreement is reached by August 1, the U.S. and the EU have imposed 15% tariffs on the majority of European exports.
But a few important details. The agreement, which was announced on July 27, states that 70% of European goods imported into the United States will be subject to a 15% tariff rate. The EU has now confirmed that this rate also applies to pharmaceuticals, semiconductors, and automobiles and auto components. However, negotiations are still ongoing for the remaining 30% of those imports.
Both parties have agreed on zero tariffs for a variety of strategic products, according to European Commission President Ursula von der Leyen. According to officials, Trump also cited increased investments from European businesses in the United States, including $750 billion (638 billion euros) in natural gas, oil, and nuclear fuel over three years, as well as an additional $600 billion (511 billion euros) under a political pledge that isn’t legally binding.
Japan
Trump lowered his previously promised rate of 25% to a trade framework on Japan on July 22. The president of the United States also declared that Japan will open its economy to American rice and automobiles and invest $550 billion in the United States.
For automakers like Toyota Motor Corp. and Honda, who have been subject to a 25% levy on essential parts and completed vehicles entering the United States since earlier this year, the recently agreed-upon 15% tariff rate is a welcome reprieve. However, foreign automakers, including rivals in the US, are concerned about it.
The Philippines
Trump declared that he will reduce his impending duties by merely 1% from his first warning of 20% shortly after a meeting with Philippine President Ferdinand Marcos, Jr. on July 22.
Trump stated on Truth Social that the United States would not impose tariffs on American items that it exported to the Philippines in exchange. Other details, however, were still unknown. Marcos stated that his nation was thinking about options including allowing American cars to be sold on an open market free of tariffs, but he stressed that specifics were still being worked out.
Indonesia
Trump announced on social media on July 15 that he has agreed to lower the previously threatened 32% charge and that American goods transported to the southeast Asian nation will not be subject to tariffs. Later, a White House fact sheet verified that more than 99 percent of American goods exported to Indonesia would arrive duty-free.
Prabowo Subianto, the president of Indonesia, stated that he will keep negotiating with Trump in the hopes of significantly reducing the upcoming tariffs imposed by the United States.
Vietnam
Trump announced on July 2 that he would permit duty-free entry of American goods into the nation. In contrast, a 20% tax would be applied to Vietnamese exports to the United States.
Trump suggested a reciprocal rate of 46% for Vietnamese goods back in April, but that is less than half of that amount. Trump, however, said that the United States will levy a 40% tax on transshipping, which targets goods from other nations that stop in Vietnam en route to the United States, in addition to the new 20% tariff rate. Washington laments that Chinese commodities have been passing through Vietnam to avoid increased U.S. taxes.
Britain
Trump made a number of trade promises on May 8, including lowering tariffs on British steel, aluminum, and automobiles, while the United Kingdom pledged to lower tariffs on American goods including sports equipment, wine, and olive oil. For weeks, both nations made big announcements about the arrangement.
For instance, the British government made a significant statement when the agreement was announced, stating that the United States had agreed to exempt the United Kingdom from its then-universal 25% taxes on foreign steel and aluminum. This would have essentially allowed both metals from the nation to enter the United States duty-free.
However, for over a month, it was unclear when such cuts would actually go into effect. The United States didn’t sign the deal until early June, when Trump dropped to a humiliating 50% globally. Furthermore, U.S. duties on British aluminum and steel did not drop to zero even at that point. The United Kingdom still has to pay 25% import taxes on the metals, despite being the only nation exempt from Trump’s proposed 50% charges.
China
At its height, China’s countertariffs on American goods reached 125%, while Trump’s increased taxes on Chinese imports totaled 145%. However, the nations reached a 90-day truce on May 12 to reduce those levies to 10% and 30%, respectively. Additionally, information started to surface in June.
China has promised to facilitate American companies’ acquisition of essential components for manufacturing and semiconductor fabrication, according to U.S. Treasury Secretary Scott Bessent. The U.S. will remove a number of restrictions it had placed on China, according to the Chinese Commerce Ministry.
The timeframe of these conditions’ implementation is one of the other important aspects of the agreement that is still unclear. After a two-day trade discussion in Stockholm, China’s senior trade official announced on July 29 that the two sides had decided to cooperate on new duties on one another. Plans for extensions were discussed but not agreed, according to the U.S. side.
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This article was produced by Associated Press reporters worldwide.
