On Monday, President Trump issued letters threatening 25% duties on goods from Japan and South Korea, up to 40% on goods from Laos and Myanmar, 30% on South Africa, and 25% on Malaysia and Kazakhstan.
Trump also proposed an additional 10% tariff on countries aligning with the BRICS bloc.
Trump also revealed other trade moves: a 20% tariff deal with Vietnam (with 40% on transshipped goods), eased export restrictions to China, a potential 10% universal tariff with the EU (pending exemptions), and resumed trade talks with Canada after it dropped its digital services tax, aiming for a deal by mid-July.
A key July 9 deadline for imposing these tariffs was pushed to August 1.
U.S. Relations with Its Top 10 Global Partners:
CANADA
Rate Expected after July: 0-25% depending on the goods
Talks could stretch until July 2026 when USMCA is up for renewal.
CHINA
Rate on ‘Liberation Day’ in April: 34%
Rate Expected after July: 30%
Facing an August deadline after a 90-day pause on additional tariffs was agreed to in May.
EUROPEAN UNION
Rate on ‘Liberation Day’ in April:20%
Rate Expected after July: TBD*
In negotiations to avert possible 50% tariffs that Trump has threatened.
INDIA
Rate on ‘Liberation Day’ in April: 26%
Rate Expected after July: TBD*
In negotiations to avert a possible tariff hike on August 1
JAPAN
Rate on ‘Liberation Day’ in April: 24%
Rate Expected after July: 25%
Trump announced a new tariff rate for the nation on July 7.
MEXICO
Rate Expected after July: 0-25% depending on the goods
Talks could stretch until July 2026 when USMCA is up for renewal.
SOUTH KOREA
Rate on ‘Liberation Day’ in April: 25%
Rate Expected after July: 25%
Trump announced a new tariff rate for the nation on July 7.
TAIWAN
Rate on ‘Liberation Day’ in April: 32%
Rate Expected after July: TBD*
In negotiations to avert a possible tariff hike on August 1
UNITED KINGDOM
Rate on ‘Liberation Day’ in April: 10%
Rate Expected after July: 10%
Announced a framework deal with the U.S. in May.
VIETNAM
Rate on ‘Liberation Day’ in April: 46%
Rate Expected after July: 20%
Announced a framework deal with the U.S. in July.
