U.S. President Donald Trump addresses a reporter during a meeting with Philippine President Ferdinand Marcos in the Oval Office of the White House in Washington, D.C., on July 22, 2025. Trump appears to be seriously negotiating with the president.



After Friday, the world will have to face higher tariff rates from the Trump administration, which will bring more economic uncertainty.

For most countries, the issue has been postponed twice, from "Liberation Day" on April 2 to July 9 and now to August 1.

Back in April, Trump claimed in an interview with Time magazine that "over 200 deals" had been reached, and trade adviser Peter Navarro also said that "90 deals in 90 days" was possible. However, the United States fell far short of that goal, reaching only eight deals in 120 days, including an agreement with the 27-member European Union.

Here's the latest on global trade.

Britain reached the first agreement

Britain took the lead in striking a trade deal with the United States, finalizing a pact back in May. The framework included a 10% base tariff on British goods, along with various quotas and exemptions for goods such as cars and aerospace products.

But even after Trump's recent meeting with British Prime Minister Keir Starmer in Scotland, some terms of their trade deal remain uncertain. This includes tariffs on British steel and aluminum, which the United States has agreed to cut. Negotiations on the UK's digital services tax, which Trump wants to eliminate, appear to be continuing.

Vietnam: Tariff reduction exceeds 50%

Vietnam is the second country to reach a deal with the Trump administration, which announced a trade agreement on July 2 to reduce tariffs on Vietnam from 46% to 20%.

One key point is a 40% "transit" tariff on goods originating in other countries and shipped through Vietnam to the United States, although it is unclear how this will be implemented. Trump also claimed that American goods would have full access to the Vietnamese market.

However, according to Politico, Vietnam seemed surprised by the 20% tariff. The report said that negotiators had expected an 11% tariff, but Trump unilaterally announced the 20% tariff.

Indonesia: Lowering trade barriers

Indonesia's deal with Trump, announced on July 15, saw its tariff rate reduced to 19% from 32%.

The White House said Indonesia will remove tariff barriers on more than 99% of U.S. exports to Indonesia, covering all industries including agricultural products and energy.

The framework also said the two countries would address various "non-tariff barriers" and other obstacles faced by the United States in the Indonesian market.

Philippines: Slight reduction in tariffs

Unlike the above-mentioned ASEAN countries that have significantly reduced tariffs, the Philippines only reduced its tariffs from 20% to 19% in the agreement reached on July 22, a reduction of only one percentage point.

The Philippines will not impose tariffs on U.S. goods, according to Trump, who praised the country for having "open markets to the United States."

Japan: Rice and cars

Japan, the second major Asian economy after China to reach a deal with the United States, saw its tariff rate cut from 25% to 15% on July 23, and became the first country to enjoy preferential tariffs in its key auto industry.

Trump called the deal "probably the biggest deal ever," adding that Japan would invest $550 billion in the United States and that the United States would "get 90 percent of the profits."

The path to a deal was fraught with uncertainty, with Trump saying days before the agreement that he had thought the two countries would not be able to reach a deal.

He has repeatedly called Japan "very tough" in trade negotiations and suggested Japan is "spoiled" because it refuses to accept U.S. rice despite domestic shortages.

EU: Dissatisfaction remains

The EU-US deal was reached a few days ago after lengthy negotiations. EU goods now face a base tariff rate of 15%, half the 30% Trump had previously threatened. Existing tariffs on cars will be reduced to 15%, while tariffs on products like aircraft and certain generic drugs will return to pre-January levels.

But the deal has been criticized by some European leaders. French Prime Minister François Bayrou even called it a "capitulation" and a "dark day." However, EU Trade Commissioner Maros Sefcovic called it "the best deal that could be reached under very difficult circumstances."

South Korea: also 15%

South Korea is the latest country to reach a deal, reached on Thursday, with terms somewhat similar to Japan's agreement.

The country's exports will face a flat tariff of 15%, with tariffs on its auto sector also reduced to 15%. Trump said South Korea "will provide the United States with $350 billion for investments that will be owned and controlled by the United States and selected by me as president."

U.S. Commerce Secretary Howard Lutnick said "90 percent of the profits" from the $350 billion investment would "go to the American people."

However, South Korean President Lee Jae-myung said the $350 billion fund would help South Korean companies "aggressively enter" the U.S. market in industries such as shipbuilding and semiconductors.

China: Negotiations are still ongoing

The Trump administration has adopted a different approach to trade negotiations with China than with the rest of the world. The world's second-largest economy has been firmly in the crosshairs of Trump's trade policies since he took office.

Instead of reaching an agreement with the United States, China reached a series of suspensions on its "reciprocal" tariff rates. Initially, tariffs on Chinese goods were levied at 34% starting on Liberation Day. A series of back-and-forth measures between the two sides resulted in US tariffs on Chinese imports soaring to 145%, while Chinese tariffs on US imports rose to 125%.

China and the United States held a new round of economic and trade talks in Stockholm, Sweden, from July 28 to 29 local time. According to the consensus reached during the talks, both sides will continue to push for a 90-day extension of the suspended 24% U.S. reciprocal tariffs and China's countermeasures.

But the U.S. Treasury secretary said any extension of the truce would require Trump's approval.

For countries that have not reached an agreement , Trump said he would impose global benchmark tariffs of about 15%-20%, higher than the 10% baseline announced on "Liberation Day".
Countries with trade surpluses with the United States are likely to face higher “reciprocal” tariff rates.

Here are some of the major trading partners with which the United States has yet to reach agreements.

India: Tariffs and fines

On Wednesday, Trump announced a 25% tariff on India and unspecified "penalties" over what the United States considers unfair trade policies and India's purchases of military equipment and energy from Russia.

"While India is our friend, we have done relatively little business with them over the years because their tariffs are so high, among the highest in the world," Trump said in a post on Truth Social.

The 25% tariff rate is slightly lower than the 26% rate Trump announced on India on "Liberation Day", but is within the maximum range of 20%-25% that he is considering.

Canada: Negotiations enter "intense phase"

Canada has been in frequent trade wars with the United States over tariffs in recent months, and was already facing tariffs even before Trump announced the so-called "reciprocal" tariffs.

Canada will face a 35% tariff on all goods starting August 1, and Trump has threatened to raise the rate if there is retaliation. The tariff is not tied to any industry-specific tariffs.

Trump has repeatedly cited the flow of drugs from Canada into the United States as justification for the tariffs. Canadian Prime Minister Mark Carney said earlier this week that negotiations between the two sides were in the "most intense" phase, according to Reuters, and noted that a deal without any tariffs was unlikely.

Mexico: No signs of progress

Like Canada, Mexico has long been a target of U.S. tariffs, with Trump citing drug and illegal immigration as the reasons for his decision to impose tariffs on the U.S. southern neighbor.

Trump said Mexico was not doing enough to secure its border. Mexico faces a 30% tariff and any retaliation would result in higher U.S. levies.

Mexico's government has stressed it is important for trading partners to resolve their differences by Aug. 1, but there have been few signs of progress towards a deal in recent weeks.

Australia: Maintain base tax rate

Australia currently faces a base tariff of 10% because of its trade deficit with the U.S. However, it could face higher tariffs if Trump decides to raise the base rate to 15%-20%.

Canberra has not publicly engaged in trade talks with Washington, and Prime Minister Anthony Albanese reportedly believes Australia's trade deficit with the United States and its free trade agreement means Australian imports should not be subject to tariffs.

Australia recently eased restrictions on U.S. beef, a move the U.S. Trade Representative's office credited to Trump, but Albanese reportedly said the move was not driven by Trump.