On July 2, US President Donald Trump announced that the United States agreed to a new trade deal with Vietnam which would include a 20% tariff on Vietnamese exports to the US, while allowing US goods duty-free access to the Vietnamese market. Historically, Vietnam is used as a go-between for other countries’ goods like Chinese exports. In this case, goods from China shipping out of Vietnam would carry a US 40% levy, reported Expana.
The US-Canada trade talks will continue until July 21 after discussions were stalled by Canada’s digital services tax (DST) which has now been suspended, reported Expana.
In February, President Trump imposed a 25% tariff on non-USMCA-compliant goods from Canada and Mexico. Like other trading partners, Canada faces the US 50% tariff on steel and aluminum exports.
Last week, Commerce Secretary Lutnick and Trump said a US-China trade framework has progressed, Expana reported. US-India trade negotiations are still ongoing after Indian officials visited the US last week—the two countries see agriculture (like Indian shrimp exports) as a major sticking point, cited Expana.
A US and European Union (EU) trade deal has not been reached either, as talks with the European Commission (EC) officials are ongoing, around US 10% baseline tariffs, US 50% tariffs on steel and aluminum, as well as US 25% on automobiles. If there is no agreement, the EC will revisit a 218-page tariff list with €95 billion worth of US goods by July 14, reported Expana. Having said that, US trade officials like Treasury Secretary Bessent have floated deadline extensions until September 1, for the EU. Yet in other cases, US trade officials have been sticking to the prior July 9 deadline when speaking about tariffs. On April 2, the US charged a 20% reciprocal tariff on the EU, which is paused for now, according to Expana.
This week, the EU and Ukraine reached a new trade agreement, cited Expana.
Japanese trade officials are in a similar position—not wanting to accept US auto tariffs, for example. President Trump posted on Truth Social about securing market access in Japan for US rice exports. A US-Japan trade deal has still not been reached.
