Following the tariffs is like Whack-A-Mole. You just never know what is going to pop up where.
Today is the day the extensions expire, and here are where things stand at the time this newsletter was sent:
Brazil: President Trump signed an Executive Order implementing a 50% tariff on their imports.
Canada: Latest volley is a 35% tariff on non-USMCA cargo.
China: Still operating under the 90 day “pause” framework with 30% tariffs on their imports into the US. Pause expires on August 12th.
EU: The European Union agreed to 15% import tariffs on most goods they ship out, and they agreed to purchase more energy and agricultural products from the US.
India: Negotiations are on-going. The US has proposed a 25% tariff and penalties for purchases of Russian military equipment and energy.
Indonesia: Imports into the US will face a 19% tariff with no reciprocal tariffs for US goods as well as the removal of trade barriers on US agriculture and energy.
Japan: A 15% tariff on the Japanese imports and a commitment to remove trade barriers for US autos, rice and other agricultural products.
Mexico: The US granted a 90-day extension to negotiate a trade deal.
Philippines: Imports into the US will face a 19% tariff with no reciprocal tariffs for US goods.
South Korea: Goods imported into the US will be subject to a 15% tariff. Additionally, they agreed to investments in the US and to purchase more energy from the US..
Taiwan: Unresolved after three rounds of negotiations.
Thailand: Negotiations are on-going.
UK: A 10% tariff on most of their exports and lower tariffs on cars and aircraft parts. Tariffs on steel and aluminum remain unresolved.
Vietnam: Imports into the US will face a 20% tariff, through goods with Chinese content will face a not yet determined higher rate. No reciprocal tariffs for US goods.
Everywhere Else: 10% for countries with whom the US has a trade surplus, and 15% for those with whom the US has trade deficit. The effective date of these tariffs will be set allowing Customs time to update their codes and systems.