US Trade Talks: Tariffs Raised on 70 Countries Amidst Ongoing Negotiations

New Tariffs and Trade Deal Status

• ⚡ President Trump signed an executive order raising tariffs on approximately 70 countries on Thursday night.
• 📌 This action occurred just before previously announced reciprocal tariffs, set to charge nearly every country at least a 10% tariff, were scheduled to take effect.
• 🎯 The administration had previously suspended these tariffs twice to engage in trade deal negotiations with individual countries.

Signed Agreements and Frameworks

• 🤝 The US and the UK signed a trade deal on June 16th, establishing a 10% tariff on UK goods.
• 💡 This UK deal also removed tariffs on the UK aerospace sector and included a commitment from the UK to invest $5 billion in American products like ethanol.
• 🌍 Five other countries and the European Union have announced framework agreements, but these are not yet formally signed.

Negotiations with Top Trading Partners

• 🇨🇳 Deals with China and the US remain in negotiation, with tariff rates on Chinese goods lowered to 30% while talks continue.
• 🇲🇽 Mexico and the US agreed to extend the current 25% tariff rate on Mexican goods not covered by the USMCA trade agreement.
• 🇨🇦 Canadian and US negotiators are in an "intense phase of talks," according to Canadian Prime Minister Mark Carney.

Broadened Tariff Increases

• 📈 Thursday night's executive order also raised the tariff rate on Canadian goods to 35%.
• 📊 For the remaining countries affected by the order, tariff rates will range from 10% to 41%, including 40% for goods from Laos and 25% for Indian goods.
• 🗓️ These new tariffs are set to go into effect on August 7th.