Trump's Tariff Deadline Looms: Which Countries Have Deals—and Which Don’t?

• The temporary halt of Trump's "mutual" tariffs will expire this Friday, potentially leading to increased duties around the globe.
• The United States has completed just eight agreements within 120 days, one of which involves the 27-nation European Union.
• Major trade allies who have not yet reached an agreement include Canada, Australia, and India.

By Friday, the global community will face increased tax levels imposed by the Trump administration, bringing concerns about further financial instability.

In most nations, this issue has been postponed twice, starting with "Liberation Day" on April 2, to July 9, and now

Earlier this year, Trump had claimed to have done "More than 200 agreements" during an interview with Time Magazine, and trade adviser Peter Navarro claimed that "90 agreements within 90 days" could be achieved. The nation has significantly underperformed, having secured just eight agreements over 120 days, including one with the 27-nation European Union.

This is where matters currently stand in international commerce.

United Kingdom was the first to reach an agreement

The UK took the lead in trade agreements involving the U.S., with some measures taking effect as early as May. The agreement features a 10% minimum tariff on UK imports, along with different limits and exceptions for items like cars and aviation equipment.

But even following U.S. President Donald Trump met With Prime Minister Keir Starmer visiting Scotland lately, certain aspects of their trade deal still lack clarity. This involves tariffs on UK steel and aluminum, which the US had committed to reduce. Discussions regarding the UK’s digital services tax, something Trump aims to eliminate, continue as well.

Vietnam: import duties reduced by over half

Vietnam was the second country to take action under the Trump administration, with Trump declaring a commercial pact on July 2nd which witnessed the tax placed on Vietnamese goods reduced from 46% to 20%.

A key aspect of Vietnam was a 40% "transshipping" tariff Regarding products from another nation that are sent to Vietnam before being shipped to the U.S., it remains uncertain how this policy will be implemented. Trump also stated that there would be complete access to the market for American goods in the country.

Chinese companies have utilized transshipping to bypass significant duties on their direct exports to the U.S., with Vietnam serving as a key transit point.

Nevertheless, it appears that Vietnam was caught off guard by the 20% rate set, as per a report by Politico. According to Politico, officials anticipated an 11% tax, but Trump independently declared a 20% rate.

Indonesia: bringing down barriers

Indonesia's tariff rate was cut dropped to 19% from 32% in its deal with Trump, revealed on July 15.

The White House announced that Indonesia plans to remove tax restrictions on more than 99% of American goods sent to Indonesia within every industry, such as farm items and energy resources.

The system also states that nations will tackle several "non-tariff barriers" and additional challenges that the U.S. encounters in Indonesian marketplaces.

Philippines: marginal decrease

In contrast to its ASEAN partners mentioned earlier, which experienced significant decreases in their customs tariffs, the Philippines saw A reduction of one percentage point to 19%, down from 20% as of July 22.

Manila has stated it won't apply taxes on American products under the deal, as mentioned by Trump, who commended the nation for what he referred to as "opening up their market to the United States."

Furthermore, Trump mentioned that the Philippines will collaborate "militarily," though he did not provide specific information. The two nations are currently treaty partners, with Manila accommodating American forces and maintaining a mutual defense agreement dating back to 1951.

Japan: rice and autos

Japan was the second significant economic power in Asia to reach a consensus with the U.S. arrive at a mutual understanding with the U.S. finalize a deal with the U.S. achieve a settlement with the U.S. agree upon terms with the U.S. conclude an arrangement with the U.S. strike a pact with the U.S. formulate a cooperation plan with the U.S. make a compromise with the U.S. develop a shared resolution with the U.S. Following China, which reduced its tariff rate to 15% from 25% as of July 23, and becoming the first economy to implement a lower favorable tariff rate for its major automotive industry.

Trump described the deal as "possibly the biggest agreement ever finalized," noting that Japan would put $550 billion into the United States and that the U.S. would "get 90% of the profits."

The route to reaching this deal was marked by doubt, as Trump stated just days prior to the agreement that he did not expect The two nations came to an agreement.

He described Japan on separate occasions as "very tough" In trade negotiations and indicated the nation was "spoiled" against accepting U.S. rice despite facing a domestic rice shortage .

EU: some discontent remains

The deal between the European Union and the United States was struck just days ago, Following extended discussions, EU merchandise is now subject to a 15% standard duty rate, which is half of the 30% that Trump had earlier warned would apply to the region. Current tariffs on vehicles will decrease to 15%, and taxes on specific items such as airplanes and particular generic pharmaceuticals will revert to their levels before January.

But the agreement has been met with criticism including statements from certain European officials. French Prime Minister François Bayrou even described it as an act of "surrender" and a "black day." EU Trade Commissioner Maros Šefčović, however, called It was the best offer we could obtain amid extremely challenging conditions.

South Korea: still at 15%

South Korea is the most recent nation to sign a deal newest country to enter into an arrangement latest sovereign state to come to an understanding recently agreed-upon nation country that has recently reached a consensus on Thursday, with conditions somewhat comparable to those Japan received.

The nation will face a uniform 15% tax on its exported goods, and taxes on its automotive industry have also been reduced to 15%. According to Trump, "South Korea 'will provide the United States with $350 billion for investments that are owned and managed by the U.S., and chosen by me as president.'"

U.S. Trade Secretary Howard Lutnick stated that "90% of the earnings" from that $350 billion investment would "benefit the American public."

Nevertheless, South Korean President Lee Jae Myung stated that the $350 billion fund will help enable the "proactive expansion" of Korean businesses into the U.S. market within sectors like shipbuilding and semiconductors.

China: talks still ongoing

The approach of the Trump administration during trade negotiations with China differed from that of the rest of the globe. From the day he assumed power, the world's second-largest economy found itself squarely within Trump's focus regarding trade issues.

Instead of an agreement, China has implemented multiple pauses regarding its "mutual" tax rates. It was first subjected to a 34% duty starting from "Liberation Day," prior to a sequence of mutual actions a set of reciprocal steps an exchange of countermeasures a cycle of alternating responses a pattern of opposing moves a progression of push-pull tactics a string of successive adjustments a flow of consecutive retaliatory acts a chain of corresponding actions a succession of interactive measures Between the two parties, tariffs surged to 145% on Chinese goods entering the U.S., and 125% on American products sent to China.

Nevertheless, both parties reached an agreement to Both sides came to an understanding regarding In conclusion, both factions consented to Ultimately, both entities accepted the proposal of As a result, both parties approved of Conversely, both sides were in accord with On the whole, both groups concurred on To sum up, both parties agreed upon Overall, both sides acknowledged the decision of In response, both parties opted for reduced tariffs in May Following their initial trade discussion in Geneva, Switzerland. The ceasefire will remain in effect until August 12. China currently encounters a 30% total tariff rate, whereas the U.S. is considering 10% taxes.

The the latest gathering of countries in Stockholm concluded without an extended ceasefire, but the U.S. Treasury Secretary stated that any extension of the truce will not be approved until Trump approves the plan. endorses the proposal. gives approval to the strategy. accepts the scheme. supports the design. ratifies the approach. consents to the plan. deems the idea acceptable. finalizes the concept. allows the implementation.

For nations without an agreement, it seems that a greater approximately 15% to 20% global base tariff rate will face penalties, as stated by Trump, exceeding the 10% standard set on "Liberation Day."

Nations that maintain a trade surplus against the U.S. are expected to face increased "mutual" tax rates on their exports.

Below are several important trade allies that have not signed an agreement with the United States.

India: import duties and fines

On Wednesday, Trump declared a 25% tax on imports from India, along with an unknown "fine" for what he considers unjust trading practices and for India’s acquisition of defense systems and energy resources from Russia.

"Although India is our ally, we have, over time, engaged in relatively limited trade with them due to their tariffs being excessively high, some of the highest globally," Trump stated. a message posted on Truth Social.

A 25% tax rate is slightly less than what Trump implemented against India on" Liberation Day when he declared a 26% rate for the main trade partner, yet at the upper limit of the range 20%-25% range the statement made by the U.S. president regarding his considerations.

Canada: an 'intense phase'

Recent months have seen ongoing exchanges between Canada and the U.S. regarding tariffs, as the nation has faced additional charges despite efforts to resolve the issue. before Trump unveiled his so-called "reciprocal" taxes.

Canada is now facing A 35% tax on different products starting August 1, with Trump additionally warning he might raise this percentage if there is any retaliatory action. This rate applies independently of specific industry-related taxes.

Trump has frequently mentioned the flow of narcotics from Canada into the U.S. as justification for implementing tariffs. Canadian Prime Minister Mark Carney stated earlier in the week that both sides are currently in an "active stage" of discussions, acknowledging that it's improbable an agreement would exclude some form of tariffs, according to Reuters. reported .

Mexico: No indication of advancement Mexico: No evidence of improvement Mexico: No visible development Mexico: No signs of movement forward Mexico: No trace of progression

Just like Canada, Mexico does as well long has been subject to U.S. tariffs, with Trump stating that drug trafficking and unauthorized immigration were reasons for imposing taxes on the country neighboring the U.S. to the south.

The leader has stated that Mexico hasn't taken sufficient measures to protect the border. Mexico is set to be hit With a 30% tax, any retaliatory measures will be countered by an increased rate from the U.S.

The Mexican administration has emphasized the importance of trade partners addressing their concerns before August 1, yet there have been few indications of advancement towards a deal in recent weeks.

Australia: adhering to the fundamental position

Australia currently has a base rate of 10%, as it maintains a trade deficit with the United States. Nevertheless, the nation might encounter increased tariffs if Trump chooses to increase this standard rate to between 15% and 20%.

Canberra has not been openly acknowledged as engaging in discussions with Washington, according to Prime Minister Anthony Albanese. reportedly arguing That Australia’s trade imbalance with the U.S. and their free trade deal should result in no tariffs being imposed on Australian goods.

Recently, Australia eased rules regarding U.S. beef, an action that the Office of the U.S. Trade Representative attributed to Trump, although Albanese had reportedly said The action was not initiated by Trump.

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