Trump tariffs live updates: Trump unveils new details of Indonesia deal, says deal reached with Philippines
The White House also unveiled new details of a confirmed trade agreement with Indonesia. Yahoo Finance's Ben Werschkul reports that a 19% tariff will apply to Indonesian goods, as well as a 40% rate on any 'transhipped' goods. Officials said no tax would apply to "99%" of US imports.
The deal developments come as prospects for larger pacts with India and the European Union have soured. An interim deal between the US and India before an Aug. 1 deadline looks increasingly unlikely, according to Reuters. Talks remain deadlocked due to disagreements on key agricultural and dairy products.
Meanwhile, the European Union still wants a trade pact with the US, but the bloc said to be readying its counterattack as Trump plays hardball and makes a no-deal outcome more likely. EU member states are pushing for new and stringent measures to retaliate against US companies, The Wall Street Journal reported, while its officials are meeting this week to draw up a plan for reprisals.
'If they want war, they will get war,' a German official told the WSJ.
Trump is reportedly pushing for higher blanket tariffs on imports from the EU, throwing a wrench in negotiations ahead of an Aug. 1 deadline for sweeping duties to take effect. He has threatened 30% tariffs on all imports.
Last week, Trump said he would soon send letters to over 150 smaller US trade partners, setting blanket tariff rates for that large group. Trump has already sent letters to over 20 trade partners outlining tariffs on goods imported from their countries.
Earlier in July, Trump announced a 35% tariff on Canadian goods and followed that up with promises of 30% duties on Mexico and the EU. The letters have at times upended months of careful negotiations, with Trump saying he is both open to reaching different deals but also touting his letters as "the deals" themselves.
Treasury Secretary Scott Bessent on Tuesday said he expected many deals to take shape over the next several days.
Read more: What Trump's tariffs mean for the economy and your wallet
Here are the latest updates as the policy reverberates around the world.
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