Overview
- With the 90-day pause set to expire on July 9, reciprocal tariffs announced in April could snap back into effect, imposing double-digit levies on dozens of trading partners.
- Only three agreements have been secured so far: a limited deal with the United Kingdom, a trade framework with China and a pact with Vietnam that sets 20% tariffs on imports, 40% on transshipped goods and zero duties on U.S. exports.
- Vietnam’s deal, announced July 2, grants U.S. products tariff-free access to Vietnamese markets in exchange for the new levy structure aimed at curbing transshipment.
- Indian exporters are racing to avert a planned 26% reciprocal tariff, with negotiators expressing cautious optimism about a last-minute interim accord.
- Negotiations with Japan and the European Union remain stuck over market-opening demands in autos and agriculture, prompting U.S. officials to warn they will notify holdouts of their tariff rates by letter if talks stall.