New York | The clock is ticking closer to US President Donald Trump's latest tariff deadline of August 1. And while several more deals — or at least frameworks for deals — have been reached since his last tariff deadline of July 9 came and went, trade talks with many countries are still in flux.
Trump unveiled sweeping import taxes on goods coming into the US from nearly every country back in April. That included heightened so-called reciprocal rates for certain countries, the bulk of which have since been postponed twice.
The first 90-day pause arrived in an apparent effort to quell global market panic and facilitate country-by-country negotiations, with the Trump administration at one point setting a lofty goal of reaching 90 trade deals in 90 days.
But three months later, only two deals emerged: with the UK and Vietnam. A separate “framework” for a deal was hashed out with China. And by early July, Trump began sending warning letters that higher tariffs would be imposed against dozens of countries on August 1.
Since then, the US has announced more trade frameworks. But, key details remain sparse — or not immediately captured in writing.
Here's what we know about the agreements so far, in the order of those most recently announced.
South Korea
The US president said he reached an agreement with Seoul on July 30 that would impose a 15 per cent tariff on goods from South Korea.
The countries have also agreed for South Korea to buy $100 billion in energy resources from the US and for South Korea to give to the US $350 billion for “investments owned and controlled by the United States, and selected by myself, as president,” Trump said.
European Union
The US and the EU announced a trade framework that imposes 15 per cent tariffs on most European goods — warding off Trump's most recent threat of 30 per cent if no deal had been reached by August 1.
But some key details require more work. The headline of the agreement, unveiled July 27, is that the 15 per cent tariff rate will apply to 70 per cent of European goods brought into the US — with the EU later confirming that that rate applies to pharmaceuticals, semiconductors, and car and car parts. But the remaining 30 per cent of those imports is still open for negotiations.
European Commission President Ursula von der Leyen said that both sides had agreed to zero tariffs for a range of “strategic” goods. Meanwhile, Trump pointed to heightened investments from European companies in the US — including what Trump said was $750 billion (638 billion euros) worth of natural gas, oil and nuclear fuel over three years, as well as an additional $600 billion (511 billion euros) under a political commitment that isn't legally binding, officials said.
Japan
On July 22, Trump announced a trade framework to impose 15 per cent tariffs on Japan — down from his previously-threatened rate of 25 per cent. The US president also said Japan would invest $550 billion into the US and would “open” its economy to American autos and rice.
The newly-agreed on 15 per cent tariff rate also applies to Japanese cars — marking a welcome relief for automakers like Toyota Motor Corp. and Honda — which, like other automakers, have faced a 25 per cent levy on key parts and finished vehicles going into the US since earlier this year. But car companies in other countries, including the US competitors, worry that this could put them at a disadvantage.
Philippines
Shortly after a July 22 meeting with Philippine President Ferdinand Marcos Jr, Trump announced that he would lower his upcoming tariffs on imports from the country to 19 per cent — down just 1 per cent from his previous threat of 20 per cent.
In return, Trump said on Truth Social, the US would not pay tariffs on American goods it shipped to the Philippines. But additional details remained unclear. Marcos said his country was considering options such as having an open market without tariffs for US automobiles, but emphasised details were still left to be worked out.
Indonesia
On July 15, Trump again took to social media to announce that he's agreed to lower his planned tariffs on Indonesian goods to 19 per cent — down from a previously-threatened levy of 32 per cent — while American goods sent to the southeast Asian country will face no tariffs. A fact sheet from the White House later confirmed that “over 99 per cent of US products” exported to Indonesia would be sent duty-free.
Indonesian President Prabowo Subianto said he will continue to negotiate with Trump, in hopes of further lowering the upcoming US tariffs.
Vietnam
On July 2, Trump announced a trade deal with Vietnam that he said would allow US goods to enter the country duty-free. Vietnamese exports to the US, by contrast, would face a 20 per cent levy.
That's less than half the 46 per cent “reciprocal” rate Trump proposed for Vietnamese goods back in April. But in addition to the new 20 per cent tariff rate, Trump said the US would impose a 40 per cent tax on “transshipping' — targeting goods from another country that stop in Vietnam on their way to the United States. Washington complains that Chinese goods have been dodging high US tariffs by transiting through Vietnam.
United Kingdom
On May 8, Trump agreed to cut tariffs on British autos, steel and aluminium, among other trade pledges — while the UK promised to reduce levies on US products like olive oil, wine and sports equipment. The deal was announced in grandiose terms by both countries, but some key details remained unknown for weeks.
When the deal was announced, for example, the British government notably said that the US agreed to exempt the UK from its then-universal 25 per cent duties on foreign steel and aluminium, which would have effectively allowed both metals from the country to come into the US duty-free.
But the timing for when those cuts would actually take effect stayed up in the air for almost a month. It wasn't until early June, when Trump hiked his steel and aluminium tariffs to a punishing 50 per cent worldwide, that the US acknowledged it was time to implement the agreement. And even the US tariffs on British steel and aluminium did not go to zero. The UK was the only country spared from Trump's new 50 per cent levies, but still faces 25 per cent import taxes on the metals.
China
At its peak, Trump's new tariffs on Chinese goods totalled 145 per cent — and China's countertariffs on American products reached 125 per cent. But on May 12, the countries agreed to their own 90-day truce to roll back those levies to 30 per cent and 10 per cent, respectively. And in June, details began trickling in about a tentative trade agreement. US Treasury Secretary Scott Bessent said that China had agreed to make it easier for American firms to acquire Chinese magnets and rare earth minerals critical for manufacturing and microchip production. Meanwhile, the Chinese Commerce Ministry said that the US would “lift a series of restrictive measures it had imposed on China." Other key details of the deal remain murky — including the timing of implementation for these terms. On July 29, China's top trade official said the two sides had agreed to work on extending an Aug. 12 deadline for new tariffs on each other, following a two-day trade meeting in Stockholm. The US side said extension plans were discussed, but not decided.
