In April 2025, former President Donald Trump reignited his hardline trade agenda by imposing sweeping tariffs on nearly all U.S. imports. Citing persistent trade imbalances, unfair foreign competition, and the need to revive domestic manufacturing, Trump invoked emergency powers to introduce a baseline 10% tariff, excluding Canada and Mexico. Framing the move as a bold effort to protect American jobs and industries, the administration aimed to pressure trading partners into renegotiating terms more favorable to the U.S. The decision quickly reshaped global trade dynamics and triggered intense diplomatic negotiations.
April 2: President Trump announced a 10% universal tariff on nearly all imports, excluding Canada and Mexico, under the International Emergency Economic Powers Act (IEEPA). This move aimed to address trade deficits and perceived unfair trade practices. (hbkcpa.com)
April 5: The 10% baseline tariff took effect. (hbkcpa.com)
April 9: Country-specific "reciprocal" tariffs were scheduled to commence, targeting nations with significant trade surpluses with the U.S. (hbkcpa.com)
April 10: Executive Order 14257 temporarily suspended country-specific tariffs (excluding China), maintaining the 10% universal tariff until July 9. (glc-inc.com)
May: The U.S. trade deficit narrowed sharply to $61.6 billion, the lowest since September 2023, primarily due to a significant drop in imports as businesses adjusted to the new tariff regime. (money.usnews.com)
June 30: The U.S. and the United Kingdom finalized a partial trade agreement, maintaining a 10% base tariff with certain preferential terms. (theguardian.com)
Throughout June: Negotiations continued with several countries. Vietnam agreed to a 20% tariff and 40% on transshipped goods, while talks with Canada resumed after it withdrew a digital services tax. (businessinsider.com)
July 6: President Trump extended the tariff negotiation deadline from July 9 to August 1, providing countries additional time to reach agreements. (theguardian.com)
July 7: The administration sent tariff notification letters to 12 countries, indicating new tariffs up to 70% effective August 1. (time.com)
July 8: President Trump announced a 50% tariff on copper imports to boost domestic production. This led to a significant increase in U.S. copper futures prices. (reuters.com)
July 8: Additional tariff letters were prepared for 15 to 20 more countries, with a general notice for those not receiving individual letters. (marketwatch.com)
July 9, 2025: President Trump announces a 50% tariff on Brazilian imports, citing political concerns.
July 10, 2025: Brazil announces reciprocal measures; global markets react to the escalating trade dispute.
July 11, 2025: Trump targets Canadian goods with 35% tariffs (impacting the loonie and markets); U.S. launches its first rare-earth mine—a tariff strategy pivot
July 12, 2025: Trump confirms 30% tariffs on EU and Mexico beginning August 1; EU warns of retaliation & pushes for negotiated fix
July 13, 2025: EU delays its countermeasures to allow deal talks; German officials express cautious optimism
July 14, 2025: Warning of up to 100 % secondary tariffs on Russia
July 15, 2025: EU warns 30 % tariff could undermine Eurozone growth
July 22, 2025: US–Japan deal, tariffs cut to 15%, backed by $550 B investment
July 22, 2025: 19% tariff announced on Philippine imports during PH President Marcos visit
July 27 to 29, 2025: Finalization of the U.S.–EU 15% baseline tariff agreement to take effect August 1
July 28, 2025: Advance tariff negotiations with China to extend tariff truce before the August 12 deadline
July 29, 2025: India–U.S. trade talks continue, with India expecting tariffs up to 25% and a broader deal by autumn.
The U.S. trade landscape remains in flux as negotiations, tariff adjustments, and policy shifts continue to unfold under the Trump administration. With key deadlines extended and new measures announced weekly, global markets and trading partners are closely watching for the next move. As these developments evolve, this article will be regularly updated to reflect the most current information on U.S. and global trade policies. Stay tuned for the latest updates, insights, and implications impacting businesses, supply chains, and international relations.
Updated Tariff rates as of July 23, 2025
Country/Sector | Previous Rate (%) | Current Rate (%) | Notes |
China | 10* | 10 (suspended) | Reciprocal tariffs paused until Aug 12; Section 301 duties still apply |
European Union | 20 | 15 (if deal finalized) | 15% deal near finalization, down from 30% threat |
Japan | 25 | 15 | Trade deal signed Jul 23 with 15% reciprocal rate |
South Korea | 25 | 25 | No new deal; remains 25% |
India | 26 | 26 | No change |
Indonesia | 32 | 19 | Deal signed Jul 15 lowered rate to 19% |
Malaysia | 24 | 24 | Confirmed in July letters |
Vietnam | 46 | 46 (or 20 on deal) | 20% deal reached Jul 2, default remains 46% |
Philippines | 20 | 19 | Agreement reached at 19% |
Thailand | 36 | 36 | No change |
Bangladesh | 37 | 37 | No change |
South Africa | 30 | 30 | No change |
Brazil | 10 | 50 | Confirmed 50% on Jul 15 |
United Kingdom | 10 | 10 | Maintained |
Australia | 10 | 10 | Maintained |
Cambodia | 49 | 36 | Reduced from 49%; effective Aug 1 |
Other Countries | 10 | 10 | Default baseline extended |
Pharmaceuticals (sector) | 200 | 200 | No change |
Copper (sector) | 50 | 50 | No change |
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