President Trump is ready to hit a number of main U.S. buying and selling companions with steep tariffs in the event that they don’t comply with new commerce phrases earlier than an Aug. 1. deadline.
Trump recommended Monday that any nation that refuses to strike a cope with the U.S. would face a tariff between 15 and 20 %.
“We’re going to be setting a tariff for essentially the rest of the world, and that’s what they’re going to pay if they want to do business in the United States. Because you can’t sit down and do 200 deals. But we made the big ones,” he mentioned.
Listed below are a few of the high buying and selling companions that haven’t struck offers with the U.S.
China
Treasury Secretary Scott Bessent and his Chinese language counterparts held talks this week in China and Stockholm this week, which marked the third spherical of talks between the 2 nations. The talks led to a different attainable extension within the commerce deal that was introduced in Could, with out particulars in regards to the timing of that extension.
Trump mentioned he will likely be briefed on Wednesday by his high officers on a cope with China to increase the tariff pause, and “we’ll either approve it or not.”
China and the U.S. had been dealing with an Aug. 12 deadline for tariffs on China at 30 % and Chinese language tariffs on the U.S. at 10 %. That price is considerably down from earlier within the 12 months, when Trump hit China with a 145 % tariff and Beijing hit U.S. items with a 125 % tariff.
“We have a good relationship with China,” Trump mentioned Monday. “China’s tough.”
Trump on Tuesday additionally pushed again on reporting that the tariff talks this week may set the groundwork for a gathering with Chinese language President Xi Jinping, saying he’s not on the lookout for a summit along with his counterpart.
U.S. imports from China in 2024 totaled practically $439 billion, in line with the U.S. commerce consultant (USTR), and U.S. exports to China in 2024 had been greater than $143 billion.
Mexico and Canada
Negotiations between the Trump administration and Canada have stalled, Trump mentioned final week.
“We haven’t really had a lot of luck with Canada. I think Canada could be one where they’ll just pay tariffs. It’s not really a negotiation,” Trump mentioned on Friday.
Trump threatened to levy a 35 % tariff on the nation in a letter to Canadian Prime Minister Mark Carney. Canada was the third-largest supply of U.S. imports, totaling $412.7 billion in 2024, in line with the USTR. U.S. exports to Canada in 2024 had been $349.4 billion.
The president additionally threatened to impose a 30 % tariff on items from Mexico in a letter, citing the circulation of fentanyl throughout the southern border that was the unique foundation for a 25 % tariff he imposed on Mexican items earlier this 12 months.
The letter to Mexican President Claudia Sheinbaum was despatched on the identical day that Trump threatened 30 % tariffs on the European Union. He has since made a cope with the European bloc to decrease tariffs to fifteen %.
Mexico was the highest supply for U.S. imports, which totaled simply lower than $506 billion in 2024, in line with the USTR. U.S. items exports to Mexico in 2024 had been $334 billion.
South Korea
The administration hasn’t cited any progress in talks with South Korea, and President Lee Jae Myung mentioned in July that talks with the U.S. have been “clearly not easy.”
South Korea is the sixth-largest buying and selling companion with the U.S. and was hit with a 25 % tariff on its imports on “Liberation Day” in April.
U.S. items from South Korea totaled greater than $131 billion in 2024, in line with the USTR. U.S. exports to South Korea in 2024 had been greater than $65 billion.
Taiwan
The U.S. has held three rounds of talks with Taiwanese officers, and a deal may very well be struck any day, a supply accustomed to talks informed The Hill. Even so, the destiny of a cope with Taiwan additionally depends upon the U.S.-China talks in Sweden.
Taiwan is bracing for Trump presumably slicing them out of a commerce relationship as a part of making a cope with China, the supply mentioned, and is “actively contemplating the prospect of a new go-it-alone era, where Taipei can no longer count on support from the White House.”
The Trump administration reportedly denied Taiwanese chief Lai Ching-te’s request to cease over within the U.S. subsequent month, a transfer that has added to the fears that the president would “sell out” Taiwan’s democracy to be able to have a robust commerce relationship with China.
Taiwan is the seventh-largest buying and selling companion with the U.S. and was hit with a 32 % tariff on its imports in April. U.S. imports from Taiwan in 2024 totaled greater than $116 billion, in line with the USTR, and U.S. exports to Taiwan in 2024 totaled greater than $42 billion.
India
Prime administration officers, together with Trump, have insisted for months {that a} cope with India was pending however have but to announce one.
“No, it’s not,” Trump mentioned on Tuesday when requested if a cope with India was finalized. He additionally threatened to impose a 25 % tariff on India.
India and U.S. commerce final 12 months general was valued at roughly $130 billion, and Prime Minister Narendra Modi paid a pleasant go to to Trump in February. Vice President Vance then traveled to India in April and hailed progress on commerce talks with Modi, expressing optimism about hanging a deal.
Trump imposed a 26 % tariff on items from India throughout his April 2 “Liberation Day” tariff announcement. India is the 10-largest buying and selling companion with the U.S., and U.S. imports from India totaled greater than $87 billion in 2024, in line with the USTR. U.S. exports to India in 2024 had been practically $42 billion.
Brazil
Trump declared that Brazil could be hit with a hefty 50 % tariff partly as a result of felony prosecution of Jair Bolsonaro, Brazil’s former president, over an alleged plot to stay in energy after shedding an election. He despatched a letter to Brazil, deeming the prosecution of Bolsonaro — often known as the “Trump of the tropics” — a “witch hunt.”
Brazilian President Luiz Inácio Lula da Silva has urged Trump to return to commerce talks and mentioned on CNN earlier this month that Trump “was elected not to be the emperor of the world.”
Brazil is among the many high 15 buying and selling companions with the U.S. and was hit with a ten % tariff on its imports in April. U.S. imports from Brazil in 2024 totaled greater than $42 billion, in line with the USTR, and U.S. exports to Brazil in 2024 had been practically $50 billion.
Switzerland
Switzerland is hopeful that the draft commerce deal it authorized will likely be signed off by Trump forward of the deadline, Bloomberg reported.
Swiss President and Finance Minister Karin Keller-Sutter mentioned in July that the 2 nations had been shut and was hopeful on the time that Switzerland could be one of many first nations to strike offers with the U.S.
Switzerland is among the many high 20 buying and selling companions with the U.S. and was hit with a 31 % tariff on its imports in April. U.S. imports from Switzerland totaled greater than $63 billion in 2024, in line with the USTR, and U.S. exports to Switzerland in 2024 had been $25 billion.
Thailand
Thailand and Cambodia agreed to a ceasefire on Monday to finish 5 days of preventing within the area, which is predicted to additionally restart commerce talks with the U.S.
“I have instructed my Trade Team to restart negotiations on Trade,” Trump mentioned on Fact Social after he spoke to each leaders in regards to the truce. Trump had beforehand mentioned if the 2 nations didn’t cease preventing, they might not get a commerce cope with the U.S.
Thailand’s performing Prime Minister Phumtham Wechayachai mentioned he expects a “very good” commerce deal after agreeing to finish the battle. He mentioned that Trump informed him “there will be tariff negotiations, which will be beneficial, and we will get something very good out of it. He will do his best to give us as much as he can,” Bloomberg reported.
Thailand is among the many high 20 buying and selling companions with the U.S. and was hit with a 36 % tariff in April. U.S. imports from Thailand totaled greater than $63 billion in 2024, in line with the USTR, and U.S. exports to Thailand in 2024 had been practically $18 billion.
