As of July 25, President Donald Trump has announced five bilateral trade deals, setting new tariff rates for the countries involved that the president intends to make effective on Aug. 1.
As outlined below, the White House has provided various levels of detail on each agreement, and some trading partners have yet to confirm their participation in the announced agreement. This client alert will be updated periodically as additional deals are announced and additional details on existing agreements are released by the Trump administration and the trading partners involved. The tracker linked below will also be updated on a rolling basis.
Indonesia: Joint Statement, Fact Sheet
On July 15, President Trump announced that the United States and Indonesia had reached a deal. The two countries then released a Joint Statement with details of the agreement. Indonesian imports will be subject to a 19% tariff — a decrease from the proposed 32% duty included in the letter sent to the nation on July 7. In exchange, Indonesia agreed to remove all tariffs and non-tariff barriers undermining U.S. market access, specifically for U.S. agricultural, transportation, medical and manufacturing industries.
Additional commitments include:
- Strengthening rules of origin requirements to limit transshipment;
- Eliminating rules and regulations targeting U.S. digital services companies;
- Securing supply chains in strategic sectors, including steel, critical minerals and other industrial commodities;
- Improving labor standards through a ban on forced labor; and
- Investing in the United States through the purchase of $15 billion worth of U.S. Energy, $4.5 billion in U.S. agricultural goods and 50 Boeing aircraft.
Japan: Fact Sheet
On July 22, President Trump announced that the United States and Japan had reached a deal. Japanese imports will be subject to a 15% tariff—a decrease from the proposed 25% duty included in the letter sent to the nation on July 7. In exchange, Japan agreed to enhance U.S. market access. Japanese officials have confirmed key elements of the agreement.
Additional commitments include:
- Investing $550 billion in the United States, which President Trump says will be used to expand domestic manufacturing; and
- Increasing imports of key American goods, including agricultural products, automobiles, commercial aircraft, defense equipment and energy.
Philippines:
On July 22, President Trump announced that the United States and the Philippines had reached a deal. According to the announcement, Philippine imports will be subject to a 19% tariff—a decrease from the proposed 20% tariff duty included in the letter sent to the nation on July 9. In exchange, the Philippines agreed to eliminate tariffs on U.S. exports and enhance defense coordination.
The White House has yet to release formal details regarding the agreement. Ambassador of the Philippines to the United States Jose Manuel Romualdez said the Philippines government will continue to negotiate to lower tariffs on its exports to 15%.
Vietnam:
On July 2, President Trump announced that the United States and Vietnam had reached a deal. According to the announcement, Vietnamese imports will be subject to a 20% tariff—a decrease from the 46% tariff proposed on “Liberation Day.” However, goods transshipped from other countries, namely China, will be subject to a 40% tariff. In exchange, the president announced that Vietnam agreed to remove all tariffs on American imports and provide the United States greater market access.
The White House has yet to release formal details regarding the agreement. The Vietnamese government has not confirmed its participation in the agreement.
United Kingdom: Executive Order, Fact Sheet,
On June 16, President Trump issued an executive order (EO) to codify the general terms of the United States of America and the United Kingdom (UK) of Great Britain and Northern Ireland Economic Prosperity Deal reached on May 8. UK imports are subject to the 10% baseline tariff. In exchange, the deal exempts the UK from various product-specific tariffs on the condition that the country secures its supply chain in strategic sectors.
Specifically, the deal:
- Lowers the 25% tariff on automobiles and parts to 10% for the first 100,000 cars imported into the United States;
- Exempts UK aircraft and related parts from being subject to the reciprocal tariffs and tariffs on steel and aluminum; and
- Exempts the UK from the 50% tariff on steel and aluminum, pending the secretary of commerce’s establishment of a tariff-rate quota. Notably, steel, aluminum and their derivative articles in excess of the established tariff-rate quota will be subject to the 50% tariff. Tariffs on UK steel and aluminum currently remain at 25%.
The EO does not codify other aspects of the general terms, such as the creation of a secure pharmaceutical supply chain and increased market access for U.S. agricultural products, setting the stage for additional negotiations.
Live tracker of trade deals
