With President Donald Trump’s August 1 tariff deadline fast approaching, the U.S. has clinched several trade agreements to soften the impact of his sweeping import taxes announced in April. While frameworks with South Korea, the European Union, Japan, and others have emerged, many details remain unclear, and negotiations with other nations hang in the balance.

South Korea: On July 30, Trump announced a deal imposing a 15% tariff on South Korean goods, down from a threatened 25%. South Korea will purchase $100 billion in U.S. energy resources and invest $350 billion in U.S.-controlled projects, Trump claimed on Truth Social. This includes relief on auto and semiconductor tariffs.

European Union: A July 27 framework sets a 15% tariff on 70% of EU goods, averting Trump’s 30% threat. Pharmaceuticals, semiconductors, and autos benefit, but 30% of imports face ongoing talks. The EU secured zero tariffs on some “strategic” goods, while Trump touted $750 billion in EU energy investments over three years, plus $600 billion in non-binding commitments.

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Japan: On July 22, a deal lowered tariffs to 15% from 25%, covering Japanese autos and parts. Japan pledged $550 billion in U.S. investments and opened markets to American autos and rice, easing concerns for companies like Toyota.

Philippines: After meeting President Ferdinand Marcos Jr., Trump reduced tariffs to 19% from 20%. The U.S. will export goods duty-free to the Philippines, though details are pending. Marcos hinted at tariff-free U.S. auto access.

Indonesia: A July 15 agreement cut tariffs to 19% from 32%, with over 99% of U.S. exports to Indonesia duty-free. President Prabowo Subianto aims to negotiate further reductions.

Vietnam: Announced July 2, this deal sets a 20% tariff on Vietnamese goods, down from 46%, with U.S. exports entering duty-free. A 40% tax targets goods transshipped through Vietnam, aimed at Chinese products.

United Kingdom: A May 8 deal reduced tariffs on British autos and metals, while the UK eased levies on U.S. olive oil and sports equipment. However, British steel and aluminum still face 25% tariffs, not zero as initially hoped.

China: A May 12 truce rolled back tariffs to 30% on Chinese goods and 10% on U.S. exports. China agreed to ease access to magnets and rare earth minerals, while the U.S. lifted some restrictions. Talks to extend an August 12 deadline continue.

Trump’s initial 90-day tariff pause in April aimed to stabilize markets and spur deals, but only a handful have materialized. Letters sent to 14 countries, including Brazil and India, warn of tariffs up to 50% if no agreements are reached by August 1.

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