Trump's Tariff Deadline Nears: What the U.S. Has Agreed To So Far

Time is running out until U.S. President Donald Trump's newest tariff deadline on August 1. Although some additional agreements—or at least outlines for agreements—have been made since his previous tariff deadline on July 9 passed, negotiations with numerous countries remain uncertain.

In April, Trump introduced extensive import tariffs on products entering the U.S. from almost all nations. This involved increased "reciprocal" tax rates for specific countries, most of which were delayed on two separate occasions.

The initial 90-day halt emerged as an attempt to calm international financial turmoil and enable discussions between nations, with the Trump administration initially aiming to finalize 90 trade agreements within 90 days.

However, after three months, only two agreements were finalized: one with the United Kingdom and another with Vietnam. A distinct "framework" for an agreement was developed with China. By early July, Trump started issuing warning letters indicating that increased tariffs would be applied to numerous countries starting on August 1.

Since then, the U.S. has introduced additional trade agreements. However, important specifics are still limited—or not clearly documented in written form.

This is what has been revealed regarding the deals up to now, listed in the sequence of their latest announcements.

The U.S. president stated that he came to an understanding with Seoul on July 30 regarding a 15% tax on products imported from South Korea.

Nations have additionally consented to South Korea purchasing $100 billion worth of energy supplies from the U.S., with South Korea committing $350 billion for "investments owned and operated by the United States," which I personally select as president, according to Trump.

The United States and the European Union unveiled a trading agreement that applies 15% taxes on most European products, preventing Trump's latest warning of imposing 30% if an accord wasn't finalized by August 1.

However, certain important aspects need further attention. The main point of the agreement, announced on July 27, states that a 15% tax will be imposed on 70% of products imported from Europe into the U.S., with the EU subsequently clarifying that this rate covers medicines, semiconductors, and vehicles along with their components. Nevertheless, the remaining 30% of these imports remains subject to discussion.

EU Commission President Ursula von der Leyen stated that both parties have reached an agreement to eliminate tariffs on various "strategic" products. At the same time, Trump highlighted increased investments made by European firms in the U.S.—including what he claimed was $750 billion (638 billion euros) in natural gas, oil, and nuclear fuel over three years, plus another $600 billion (511 billion euros) based on a non-binding political pledge, according to officials.

On July 22, Trump unveiled a trade agreement aimed at applying a 15% tax on imports from Japan—reducing his earlier proposed rate of 25%. The U.S. leader mentioned that Japan would commit to investing $550 billion in America and "open" its market to American vehicles and rice.

The recently finalized 15% tax rate also extends to Japanese automobiles—offering much-needed respite for vehicle manufacturers such as Toyota Motor Corporation and Honda, who, similar to other makers, had been subject to a 25% charge on essential components and completed vehicles entering the U.S. since early this year. However, automotive firms from different nations, including American rivals, fear this may place them at an unfavorable position.

Following a meeting with Filipino President Ferdinand Marcos Jr. on July 22, Trump stated that he planned to reduce his proposed tariffs on goods imported from the nation to 19%, which was only a one percent decrease from his earlier warning of 20%.

In response, Trump stated on Truth Social that the U.S. would not impose taxes on American products sent to the Philippines. However, further specifics were not clear. Marcos mentioned that his nation was exploring possibilities like establishing a tariff-free marketplace for U.S. vehicles, though he noted that many particulars had yet to be determined.

On July 15, Trump once more used social media to state that he has decided to reduce his proposed tariffs on Indonesian items to 19%, which is less than the earlier warning of a 32% tax. Meanwhile, U.S. products shipped to this Southeast Asian nation will not incur any duties. A statement released by the White House subsequently verified that "more than 99% of U.S. merchandise" exported to Indonesia would arrive without taxes.

Indonesian President Prabowo Subianto stated his intention to keep engaging in discussions with Trump, aiming to reduce upcoming U.S. tariffs.

On July 2nd, Trump declared a commercial agreement with Vietnam, stating that American products would be permitted into the nation without tariffs. In comparison, Vietnamese imports entering the U.S. would encounter a 20% tax.

That’s under half of the 46% "mutual" rate Trump suggested for Vietnamese products in April. However, along with the new 20% tariff, Trump stated that the U.S. would apply a 40% tax on "re-exporting"—aimed at items coming from another nation that pass through Vietnam before reaching the United States. The government claims that Chinese merchandise has been avoiding increased American tariffs by passing through Vietnam.

On May 8, Trump consented to lower tariffs on British automobiles, steel, and aluminum, along with several additional trade commitments—while the UK pledged to decrease taxes on American goods such as olive oil, wine, and athletic gear. Both nations heralded the agreement with impressive rhetoric, yet certain important specifics stayed unclear for many weeks.

For instance, when the agreement was made public, the British government highlighted that the U.S. had committed to excluding the UK from its current 25% tariffs on imported steel and aluminum, which would essentially enable these materials from the nation to enter the U.S. without charges.

However, the exact date when these reductions would occur remained uncertain for nearly a month. It wasn't until early June, when Trump increased his steel and aluminum duties to an aggressive 50% globally, that the U.S. finally recognized the necessity of putting the deal into action. Even so, U.S. tariffs on British steel and aluminum didn’t drop to zero. The United Kingdom was the sole nation exempted from Trump’s updated 50% charges, yet it continues to encounter 25% import fees on these materials.

During its highest point, Trump imposed new tariffs on Chinese goods amounting to 145 percent, while China responded with counter-tariffs of 125 percent on U.S. products. However, on May 12, both nations agreed to a 90-day ceasefire, aiming to reduce these taxes to 30 percent and 10 percent, respectively. By June, information started emerging regarding a potential trade deal.

U.S. Treasury Secretary Scott Bensent stated that China has consented to simplify the process for U.S. companies seeking to obtain Chinese magnets and rare earth elements essential for manufacturing and semiconductor development. At the same time, the Chinese Ministry of Commerce mentioned that the U.S. would "remove several restrictions it had placed on China."

Additional important aspects of the agreement are still unclear – particularly when these provisions will be put into effect. On July 29, China’s highest-ranking trade representative mentioned that both parties have consented to explore prolonging the August 12 deadline for imposing fresh tariffs on one another, after a two-day discussion held in Stockholm. The U.S. party stated that proposals for an extension were talked about, although no final decision has been made yet.