Trump's Tariff Deadline Is Here: Who Struck Trade Deals, Who's Still Waiting
US President Donald Trump has set a final deadline of August 1 for countries to reach new trade agreements with the US, following months of negotiations over tariffs. In the absence of a deal, the Trump administration is expected to impose a new wave of tariffs, potentially higher than those previously implemented. President Trump argues that these tariffs are essential to boosting domestic manufacturing and protecting jobs for American workers.
In the lead-up to this deadline, Trump has already warned of a 25% tariff on Indian goods. While a few countries have managed to finalise trade deals with the US, the majority remain at risk of being subjected to harsher tariffs once the deadline passes.
According to a report by CNBC, Trump claimed in a Time Magazine interview in April that he had finalised over 200 trade deals. Trade advisor Peter Navarro also stated at the time that it was feasible to close '90 deals in 90 days." However, as of July 31, the US has secured only eight trade agreements in the past 120 days.
Countries That Have Reached Trade Deals with the US
The United Kingdom has negotiated the most favourable terms so far, successfully reducing its tariff rate from 25% to just 10% following talks held on May 8. However, ambiguity still surrounds several product categories, including steel and aluminium, which are yet to be thoroughly addressed.
Vietnam finalised a deal with the US on July 2, bringing its tariff rate down from 46% to 20%. Nevertheless, according to a Politico report, Vietnamese negotiators were aiming for a rate closer to 11% before Trump unilaterally announced the 20% figure.
Indonesia reached an agreement on July 15, securing a revised tariff rate of 19%, down from the previously proposed 30%. The Philippines concluded negotiations on July 22, though their revised rate saw only a minor reduction, falling from 20% to 19%.
Japan and South Korea also managed to reach agreements with the Trump administration, both successfully reducing their tariff rates from 25% to 15%. In addition to the tariff cuts, Japan has pledged to invest $550 billion in the US, while South Korea has agreed to invest $350 billion into ventures 'owned and controlled by the US."
On July 27, the European Union reached a deal with the US, agreeing to a reduced tariff rate of 15%, down from the previous 30%. The European Commission expressed optimism about its ongoing partnership with the Trump administration.
China's Ongoing Talks
China has not yet finalised a deal with the US, though both sides remain hopeful. Recent negotiations in Stockholm concluded without resolution, but officials suggested that a truce extension is likely. The current deadline for US-China trade deal is August 12. Any decision on extending the truce or formalising a deal rests solely with President Trump.
Countries Without Agreements
Several key US trading partners remain without any formal trade deal. India is facing the imposition of a 25% tariff, along with an unspecified penalty. Canada could be subjected to a 35% tariff, while Mexico currently faces a 30% rate. Australia appears to be in a relatively safe position for now, with its tariff rate holding steady at 10%.
Brazil, meanwhile, has drawn particular ire from Trump. The US President has threatened a 50% tariff in retaliation for what he calls 'unjust treatment" of his close ally, former Brazilian President Jair Bolsonaro.
President Trump has already postponed the trade deal deadline several times, originally scheduled for April, then delayed to July, and now finalised for August 1. He has publicly declared that there will be no further extensions. However, with just hours to go, it remains to be seen whether last-minute developments will alter the course of this high-stakes global trade standoff.
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First Published:
July 31, 2025, 16:26 IST
News world Trump's Tariff Deadline Is Here: Who Struck Trade Deals, Who's Still Waiting
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