Here, SGI Europe’s contributors will post all the news regarding Trump’s tariffs that have an effect on the industry.
A timeline of tariff-related events
The situation being fluid, we will be bringing you up to date on the latest with the tariffs by means of this listicle, presented in reverse chronology.
We will be covering China and Southeast Asia in particular, as well as the EU.
Oct. 30 - Nov. 1
CHINA-US
US President Donald Trump and Chinese President Xi Jinping, meeting in South Korea for this year’s Asia-Pacific Economic Cooperation (APEC) summit, come to a number of agreements but, as Nikkei Asia reports, appear to stop short of a full trade deal.
“China and the United States should be partners and friends. That is what history has taught us and what reality needs,” says Xi (China’s State Council). Trump, for his part, rates the meeting a “12 out of 10” (Reuters) and says that American concerns over rare-earths are now “settled” (Nikkei Asia).
China pledges to:
- suspend for one year its additional export restrictions on rare-earths and other minerals (see our entry for Oct. 9, below)
- issue general licenses for the export of rare-earths, gallium, germanium, antimony and graphite for US end users and their suppliers and thereby (2) remove the controls it imposed in October 2022 and April 2025
- resume trade in semiconductors from the Chinese firm Nexperia
- ease export restrictions on automotive computer chips
- halt inquiries into and retaliation against US semiconductor producers and other companies
- suspend or remove non-tariff restrictions imposed against the US since March 4 (e.g., strike US companies from its list of unreliable entities)
- end its retaliation for a US investigation (announced on April 17) into China’s “unreasonable acts, policies, and practices to dominate the maritime, logistics, and shipbuilding sectors” and its sanctions on various shipping entities
- suspend all retaliatory tariffs announced since March 4, notably on US agricultural goods
- resume and increase purchases of said agricultural goods, notably soybeans (12 million metric tons by early 2026, 25 million metric tons annually for three years)
- strive to halt the flow of fentanyl precursors into the US
The US pledges to:
- suspend for another year (until Nov. 10, 2026) the reciprocal tariffs on certain Chinese goods and scuttle plans to impose a 100 percent tariff on exports to the US as of November
- set up talks between the Chinese government and Nvidia’s CEO to enable China’s use of restricted chips
- suspend for one year (as of Nov. 10) its responsive actions pursuant to the US investigation into China’s policy to seek maritime, logistical and shipbuilding dominance.
- suspend for one year (as of Nov. 10) the implementation of an interim final rule (IFR) titled Expansion of End-User Controls to Cover Affiliates of Certain Listed Entities – which subjects “any entity that is at least 50 percent owned by one or more entities on the Entity List” to “Entity List restrictions.”
- reduce tariffs on fentanyl precursors from 20 to 10 percent, and thereby reduce the overall tariff on Chinese imports from 57 to 47 percent.
Documents:
- Statement from China’s State Council
- Fact Sheet: President Donald J. Trump Strikes Deal on Economic and Trade Relations with China
Oct. 29-30
SOUTH KOREA - US
South Korea and the US reach a new trade deal – one in which South Korea’s producers of computer chips will “not be put in a disadvantage compared to their Taiwanese competitors,” according to South Korea’s chief policy adviser, Kim Yong-beom (Reuters).
The US pledges to:
- set the reciprocal tariff at 15 percent (and thereby improve South Korea’s position with respect to Japan and the EU)
- lower tariffs on South Korean automobiles and auto parts from 25 to 15 percent (the same as on competing Japanese products)
- set low tariffs on South Korean pharmaceuticals and wood products
- place no tariffs on generic drugs or airplane parts
- expand market access for South Korean agricultural goods
South Korea pledges to:
- invest $200 billion in the US in phased cash investments (capped at $20 billion per year, so as not to shock South Korea’s foreign exchange markets)
- invest $150 billion in shipbuilding partnerships with the US
- establish long-term contracts to purchase about 3.3 million metric tons of US liquefied natural gas (LNG) per year
- have POSCO International (South Korea) establish a partnership with ReElement Technologies (US) to found a “vertically integrated rare earth separation, refining, and magnet production complex” in the US (White House fact sheet)
- have POSCO and Korea Hydro & Nuclear Power (KHNP) help expand uranium enrichment of Centrus Energy (US) in Ohio
- have Korean Air purchase 103 Boeing aircraft ($36.2bn) and GE Aerospace engines ($13.7bn)
Both countries pledge to:
- collaborate on technological projects (e.g., AI, semiconductors, space exploration)
- take an even split on profits (before recouping initial investments) from commercially viable projects
Documents:
- Fact Sheet: President Donald J. Trump Brings Home More Billion Dollar Deals During State Visit to the Republic of Korea
Oct. 28 - Nov. 1
JAPAN-US
Japan and the US sign a framework agreement on “critical minerals” and rare-earths as well as two memoranda of cooperation, on technology and shipbuilding respectively.
The minerals agreement opens the way to, among other things, public and private investment in mining and processing, streamlined permitting, asset sales, scrap management, geological mapping and stockpiling.
The memorandum on technology concerns AI, research security, radio access networks (5G/6G) and connectivity, supply chains for pharmaceuticals and biotechnology, quantum information science and technology (QIST), fusion, and the exploration and commercial use of space (e.g., manned missions to the moon and Mars, reduction of orbital debris).
The memorandum on shipbuilding concerns production capacity in both countries and investment in the “U.S. Maritime Industrial Base.”
In addition, Japan’s new Prime Minister, Sanae Takaichi, says on Nov. 1 that she will not renegotiate the $550 billion that Japan agreed (on Sept. 7) to invest in the US under her predecessor, Shigeru Ishiba. “I believe that even if the prime minister changes, promises made between governments should not be altered,” she tells reporters (Reuters).
Documents:
- Japan-United States Framework for Securing the Supply of Critical Minerals and Rare Earths through Mining and Processing
- Memorandum of Cooperation: Regarding Shipbuilding Between the Government of Japan and the Government of the United States of America
- Memorandum of Cooperation: Regarding the Technology Prosperity Deal between the Government of Japan and the Government of the United States of America
- Joint Fact Sheet for Japan-U.S. Investment
- Fact Sheet: President Donald J. Trump Drives Forward Billions in Investments from Japan
- Summary: Japan-U.S. Summit Meeting, Signing Ceremony, and Japan-U.S. Working Munch (Japan’s Ministry of Foreign Affairs)
Oct. 26
MALAYSIA-US
The US and Malaysia sign a deal – with which, it would seem, the US intends to counter China’s dominance in the market for rare-earths. (About half of the known supply lies within China, and China controls a reported 90 percent of the processing.)
According to the joint statement and White House fact sheet, the US is to maintain the current 19 percent reciprocal tariff, while Malaysia is, among other things, to:
- “address non-tariff barriers” and provide “preferential market access” for US industrial and agricultural goods
- impose no bans or quotas on exports to the US of “critical minerals or rare earth elements,” develop its related sectors in partnership with US companies (e.g., by granting licenses) and impose no restrictions on the sale of rare earth magnets to US companies
- impose no digital services taxes on US companies
- adopt and maintain environmental protections and enforce its environmental laws
- enforce laws on counterfeiting and piracy
- prevent forced and child labor
- purchase 30 [Boeing] aircraft, with an option to purchase 30 more
- purchase $150 billion in US semiconductors, aerospace components and data center equipment
- purchase up to an annual 5 million tons, or $3.4 billion, in US liquified natural gas (LNG)
- purchase $204.10 million in US coal and telecommunications products
- make $70 billion in capital fund investments in the US
According to the White House fact sheet, Malaysia is to:
- “eliminate or reduce tariffs on nearly all U.S. exports, and allow non-discriminatory or preferential market access for U.S. agricultural and industrial goods”
- “address a range of non-tariff barriers to ensure that U.S. exporters [e.g., American automakers] can access its market”
- “recognize U.S. regulatory oversight” of US agricultural exports to eliminate “burdensome and duplicative regulatory requirements”
MalaysiaNow, citing leaks to social media, reports that the deal seems to include:
- “clauses requiring Malaysia to consult Washington before engaging in trade with a third country”
- “a clause requiring Malaysia to consult the US before entering any new digital trade agreement with another country ‘that jeopardises essential US interests’”
- a clause enabling the US to “reimpose the 25% tariff announced in April should Malaysia enter into any bilateral trade deal with “a country that jeopardises US interests”
CAMBODIA-US
The US and Cambodia agree to a trade deal in which, according to the White House fact sheet and statement on the agreement, Cambodia is to:
- “eliminate all tariffs on U.S. goods, including food and agricultural products and industrial goods”
- recognize U.S. regulatory oversight to eliminate “burdensome additional testing requirements”
- set no “competitive disadvantages” on US exports with respect to the exports of other countries
- address the practices of companies owned or controlled by third countries operating in Cambodia’s jurisdiction insofar as they yield the export of below-market price goods to the US or reduce US exports to Cambodia or third-country markets
The US is in turn to
- apply to Cambodian exports a tariff of 19 percent, with exceptions for certain products (0%)
- remove the arms embargo on Cambodia
- work with Cambodia on “combating transnational crime organizations”
The agreement covers intellectual property, digital trade, electronic transmissions and labor as well.
THAILAND-US
Thailand agrees to a framework for reciprocal trade with the US, agreeing in principle to “provide preferential market access for substantially all U.S. industrial and agricultural exports,” according to the White House fact sheet.
Also, US President Donald Trump and Thai Prime Minister Anutin Charnvirakul sign a memorandum of understanding to “secure and diversify critical minerals supplies, promote partnerships between U.S. and Thai companies, and increase global supply chain resilience,” as the White House puts it.
Oct. 24
CANADA-US
President Donald Trump announces via Truth Social that the US is terminating all trade negotiations with Canada, whose province of Ontario has launched an anti-tariff ad campaign in the US.
The ad plays portions of President Ronald Reagan’s radio address of April 25, 1987 – portions in which Reagan warns against the perils of tariffs. In the next moments of the address, however, he warns against limiting Presidential powers in trade negotiations. The ad is here, the video of the original address here.
Reportedly the campaign has run on Newsmax and Bloomberg and is scheduled to run on Fox News, Fox Sports, NBC, CBS, CNBC, ESPN, ABC and local channels.
The Ronald Reagan Presidential Foundation, which hosts the original video on its YouTube channel, has issued its own statement, on X. It alleges misrepresentation, through “selective” use of audio and video, and says it is “reviewing its legal options.”
Oct. 20
AUSTRALIA-US
Australian Prime Minister Anthony Albanese and US President Donald Trump sign a framework (Australian text, US text) to “deliver a US/Australia secured supply chain for critical minerals and rare earths.”
Over the next six months each country is to invest at least $1 billion toward an $8.5 billion pipeline for mineral projects in the two countries.
Australia announces financial commitments to two such projects:
- $200 million for the Alcoa-Sojitz Gallium Recovery Project (Wagerup, Western Australia) – to yield 10 percent of the world’s gallium (Japan is a third party here, having provided half the funds to date)
- $100 million for the Arafura Nolans project (Northern Territory) – to yield 5 percent of the world’s rare-earths
Planning falls to a new Critical Minerals Supply Security Response Group, headed by the US Secretary of Energy and the Australian Minister for Resources.
Oct. 10
CHINA-US
US President Donald Trump announces, via Truth social, that the US will respond to China’s new rare-earth export controls by applying as of Nov. 1 a tariff of 100 percent “over and above any Tariff that they [China] are currently paying.”
Oct. 9
CHINA
China issues Ministry of Commerce Notice 2025 No. 61 (see translation by CSET, Georgetown University), which requires foreign organizations and individuals to obtain from the Chinese Ministry of Commerce (MOFCOM) a dual-use export permit for items containing rare-earths of Chinese origin, regardless of where they have been manufactured.
To obtain such a permit, parties must submit to MOFCOM details on an item’s rare-earth content, origin, manufacturing and end-use. Military uses are “in principle” rejected.
The controls cover 12 of the 17 rare-earths. These elements are used in semiconductors, AI, magnets, electric vehicles, etc.
Many of the controls go into immediate effect, others are to go into effect on Dec. 1.
Sept. 23
EU-INDONESIA
The EU and Indonesia, through EU President Ursula von der Leyen and Indonesian President Prabowo Subianto, complete negotiations on a Comprehensive Economic Partnership Agreement (CEPA) and an Investment Protection Agreement (IPA), which awaits ratification.
Aug. 29
US
The US Court of Appeals for the Federal Circuit rules – seven to four – that some of President Donald Trump’s “reciprocal” and “trafficking” tariffs are unlawful.
However, the ruling is not to go into effect before Oct. 14. The US Supreme Court will likely take up the case for review this autumn and issue a final ruling sometime next year.
The current ruling is specific to five Executive Orders:
- 14193 (Feb. 1): “Imposing Duties to Address the Flow of Illicit Drugs Across Our Northern Border”
- 14194 (Feb. 1): “Imposing Duties to Address the Situation at Our Southern Border”
- 14195 (Feb. 1): “Imposing Duties to Address the Synthetic Opioid Supply Chain in the People’s Republic of China”
- 14257 (April 2): “Regulating Imports with a Reciprocal Tariff to Rectify Trade Practices That Contribute to Large and Persistent Annual United States Goods Trade Deficits”
- 14266 (April 9): “Modifying Reciprocal Tariff Rates to Reflect Trading Partner Retaliation and Alignment”
At issue is the breadth of the powers granted to the President by, among other things, the International Emergency Economic Powers Act (IEEPA).
Aug. 26
US-WORLD
US President Donald Trump posts to Truth Social a warning that he will retaliate against other countries should they impose “Digital Taxes, Legislation, Rules, or Regulations” on American tech companies.
The warning’s probable target is the EU’s Digital Services Act (DSA), passed in 2022 and enabling the EU to levy fines of up to 6 percent of worldwide revenues for failure to abide by its regulations on “transparency,” “hate speech,” “disinformation” and so forth.
Aug. 21
EU-US
The EU and the US agree to a Framework on an Agreement on Reciprocal, Fair, and Balanced Trade, with 19 “key terms.” Among other things:
- The US is to apply, as of Sept. 1, the higher of either the US Most Favored Nation (MFN) tariff or a tariff of 15 percent (MFN tariff + reciprocal tariff) on most goods of EU origin.
- Only the MFN tariff is to apply to such EU products as natural resources unavailable in the US (e.g., cork), aircraft and aircraft parts, generic pharmaceuticals and their ingredients, and chemical precursors.
- The EU is to purchase, through 2028, $750 billion in US energy products, $40 billion in US AI chips and an increased amount of US military equipment.
- EU companies are to invest an additional $600 billion in “strategic sectors” in the US through 2028.
- The two parties are to recognize each other’s standards in the automotive industry and “work together to address non-tariff barriers” in food and agriculture.
- The European Commission is to be flexible in its application of the Carbon Border Adjustment Mechanism (CBAM) to US SMEs, while the EU is to ensure that the Corporate Sustainability Due Diligence Directive (CSDDD) and the Corporate Sustainability Reporting Directive (CSRD) “do not pose undue restrictions on transatlantic trade.”
- Neither party is to impose customs duties on electronic transmissions.
Aug. 11
CHINA-US
The US and China agree, in a joint statement, to another 90-day suspension (from Aug. 12 to Nov. 10) of additional ad valorem tariffs on each other’s goods, both parties retaining a base rate of 10 percent.
However, Reuters and other sources report a US baseline tariff on Chinese goods of 30 percent. One reason might be the US “fentanyl” tariff of 20 percent on Chinese goods, which appears still to be in effect.
According to the statement, China is in addition to “suspend or remove the non-tariff countermeasures taken against the United States (e.g., quotas, regulations, restrictions on US firms operating in China) as agreed in the Geneva Joint Statement.”
See also the story on this topic in our sister publication Shoe Intelligence.
Aug. 7
SWITZERLAND-US
The US tariff on Swiss goods – higher, at 39 percent, than any other US tariff on a European country – takes effect. Karin Keller-Sutter, current President of the Swiss Confederation, says that Switzerland will continue to pursue negotiations with US President Donald Trump, according to Reuters.
The tariffs will hit the Swiss luxury industry in particular. The US is Switzerland’s biggest single market for pharmaceutical exports, but pharmaceuticals are exempt.
Addendum: On Aug. 11 President Trump posts the following to Truth Social: “Gold will not be Tariffed!” – this in reaction to speculation in bullion markets after the announcement of the 39 percent tariff on Swiss goods.
Our original timeline entry for Aug. 7 included the following:
Of note is Swiss gold refining, which accounts for 70 percent of the market worldwide. According to Deutsche Welle (DW), Switzerland exported $36 billion in gold to the US in Q1 2025, but the value, as the Swiss National Bank (SNB) argues, lies is in the gold itself rather than in its refinement into bars, coins and other products. DW counts five major Swiss refiners employing a total staff of about 1,500 people. According to Yahoo Finance, which cites the Swiss association of manufacturers and traders of precious metals, Swiss refinement of precious metals employs 1,500 people directly and another 1,000 indirectly.
Aug. 6
INDIA-US
In a new Executive Order (addressing “threats” to the US from the Russian Federation) US President Donald Trump finds that “the Government of India is currently directly or indirectly importing Russian Federation oil” and, on these grounds, adds for Indian goods an ad valorem tariff of 25 percent.
The order is to take effect in 21 days (on Aug. 27) and will raise the total “reciprocal” tariff on Indian goods to 50 percent.
Exempted goods include pharmaceuticals, electronics and semiconductors, certain minerals and certain energy products (e.g., crude oil, natural gas).
India is the biggest single exporter to the US of generic drugs (about 40% of the US market). It also exports considerable amounts of electronics ($12bn), gems ($10bn), textiles ($9bn) and machinery ($6.5bn).
July 31
US-WORLD
The deadline to reach new trade deals with the US reaching expiration, US President Donald Trump signs an Executive Order “Further Modifying the Reciprocal Tariff Rates.”
There is a new schedule (Annex I in the order – see chart) with rates that take effect on Aug. 1 (Aug. 7 for goods already en route by sea).
Annex II details the changes to the Harmonized Tariff Schedule of the United States (HTSUS).
Goods that US Customs determines to have been transshipped, in evasion of reciprocal tariffs, will be subject to a rate of 40 percent.
Most EU goods will be subject to a tariff of 15 percent, exempted EU goods (e.g., aircraft, generic drugs, chemicals) to no tariff.
A default tariff of 10 percent applies to unlisted countries, but China and Canada are special cases.
The separate Executive Order on Chinese goods is to remain in effect, with no change.
A separate Executive Order (and Fact Sheet) deals with Canada, whose goods are now subject to a tariff of 35 percent unless they qualify for the United States-Mexico-Canada Agreement (USMCA).
And yet another Executive Order deals with Brazil, applying an additional rate of 40 percent, with exceptions (e.g., aircraft, minerals) in a lengthy annex. The latest Executive Order appears to raise the tariff on Brazilian goods to 50 percent.
| US reciprocal tariffs as of Aug. 1 | |
|---|---|
| Countries and territories | Reciprocal tariff (adjusted) |
| Afghanistan | 15% |
| Algeria | 30% |
| Angola | 15% |
| Bangladesh | 20% |
| Bolivia | 15% |
| Bosnia and Herzegovina | 30% |
| Botswana | 15% |
| Brazil | 10% |
| Brunei | 25% |
| Cambodia | 19% |
| Cameroon | 15% |
| Chad | 15% |
| Costa Rica | 15% |
| Côte d’Ivoire | 15% |
| Democratic Republic of the Congo | 15% |
| Ecuador | 15% |
| Equatorial Guinea | 15% |
| European Union: Goods with column 1* duty rate > 15% | 0% |
| European Union: Goods with column 1* duty rate < 15% | 15% minus column 1* duty rate |
| Falkland Islands | 10% |
| Fiji | 15% |
| Ghana | 15% |
| Guyana | 15% |
| Iceland | 15% |
| India | 25% |
| Indonesia | 19% |
| Iraq | 35% |
| Israel | 15% |
| Japan | 15% |
| Jordan | 15% |
| Kazakhstan | 25% |
| Laos | 40% |
| Lesotho | 15% |
| Libya | 30% |
| Liechtenstein | 15% |
| Madagascar | 15% |
| Malawi | 15% |
| Malaysia | 19% |
| Mauritius | 15% |
| Moldova | 25% |
| Mozambique | 15% |
| Myanmar (Burma) | 40% |
| Namibia | 15% |
| Nauru | 15% |
| New Zealand | 15% |
| Nicaragua | 18% |
| Nigeria | 15% |
| North Macedonia | 15% |
| Norway | 15% |
| Pakistan | 19% |
| Papua New Guinea | 15% |
| Philippines | 19% |
| Serbia | 35% |
| South Africa | 30% |
| South Korea | 15% |
| Sri Lanka | 20% |
| Switzerland | 39% |
| Syria | 41% |
| Taiwan | 20% |
| Thailand | 19% |
| Trinidad and Tobago | 15% |
| Tunisia | 25% |
| Turkey | 15% |
| Uganda | 15% |
| United Kingdom | 10% |
| Vanuatu | 15% |
| Venezuela | 15% |
| Vietnam | 20% |
| Zambia | 15% |
| Zimbabwe | 15% |
| * I.e., column 1 of the modified Harmonized Tariff Schedule of the United States (HTSUS). | |
| Source: White House | |
July 30
US-WORLD
US President Donald Trump signs an Executive Order to end the de minimis exception altogether – not just for China and Hong Kong. Commercial goods valued at $800 or less and shipped to the US by means other than international post are thus no longer exempt from tariffs or customs duties.
Mailed goods valued at $800 or less will for the next six months have their own schedule of duties, ranging from $80 to $200. Duties will thereafter be assessed ad valorem.
July 27
EU-US
The US and the EU have come to an agreement in which the EU is to pay a 15 percent tariff on the near entirety of its exports to the US.
The EU is likely to purchase $750 billion in US energy, increase its investments in the US by some $600 billion and, according to US President Donald Trump, buy some military equipment. The investments, says a US official cited by the New York Times, would be in the pharmaceutical and automotive industries, among others.
However, pharmaceuticals will be excluded from the tariff deal itself, whatever form it takes, according to Trump, because, he says, the US should be making its own. Also excluded are steel and aluminum. EU Commission President Ursula von der Leyen, according to the Times, suggests further negotiations could reduce US tariffs on the metals from the current 50 percent.
It is unclear what tariffs the EU is to charge on US exports.
July 23
JAPAN-US
The US will be applying a “reciprocal” tariff of 15 percent on goods from Japan, by the terms of the two countries’ new deal, Nikkei Asia reports.
“Both sides have engaged in all-out, close-to-the-edge negotiations over automobiles and other products,” Japanese Prime Minister Shigeru Ishiba tells the press, adding that he and US President Donald Trump would be working “toward the realization of a free and open Indo-Pacific.”
Trump posts on Truth Social that Japan will be investing $550 billion, adding that the deal will be creating “Hundreds of Thousands of Jobs” and providing the US with 90 percent of the profits.
July 22
INDONESIA, PHILIPPINES - US
US President Donald Trump confirms via Truth Social the previously announced trade deal with Indonesia, which is to charge the US a tariff of 0 percent and itself pay the US a tariff of 19 percent. The deal is to cover minerals, agricultural products and more.
In a separate post Trump announces a similar deal with the Philippines, which is itself to charge 0 percent and pay 19 percent. This deal, however, has a military angle, with planned cooperation between the two countries in the South China Sea. China and the Philippines, as the AP has reported, have a dispute over the Scarborough Shoal.
July 16
INDONESIA-US
Indonesia confirms that – after what its spokesman (quoted by Channel News Asia) calls “an extraordinary struggle” – it has reached a trade deal with the US, with “progress that cannot be small.”
According to US President Donald Trump’s earlier post to Truth social, Indonesia will be paying a baseline tariff of 19 percent and the US a tariff of 0 percent. In addition, Indonesia will be purchasing from the US some $15 billion in energy, $4.5 billion in agricultural products and 50 Boeing jets.
July 13
EU-US
The EU decides to suspend the retaliatory tariffs on imports from the US that were set to take effect on Monday, July 14. This decision is announced by European Commission President Ursula Von der Leyen during a press conference in Brussels.
The EU, she says, “will continue to prepare countermeasures so we are fully prepared,” in case the parties fail to work out a deal by Aug. 1
July 11
US - EU, MEXICO
The Trump administration announces, by separate letters, a new tariff of 30 percent, applicable as of Aug. 1, on all imports from the EU and from Mexico.
According to BBC News, European Commission President Ursula Von der Leyen says the EU will take “proportionate countermeasures” if it sees fit, while Mexico calls the tariff an “unfair deal.”
In addition, the US Treasury Department reports, in its latest Monthly Treasury Statement, two records in customs duties collected. June saw more than any previous month ($27.2bn), and the first nine months of fiscal 2025 saw more than any previous fiscal year in its entirety ($113bn gross, $108bn after refunds).
July 10
US
US President Donald Trump announces, via Truth Social, a tariff of 50 percent on copper exported to the US. The stated motive is national security.
July 9
BRAZIL-US
The Trump administration sends a letter to Brazil announcing a tariff of 50 percent on its exports to the US, according to Yahoo Finance and others. Unlike the other letters so far, this one states a non-economic motive – punishment for the Lula administration’s prosecution of former President Jair Bolsonaro.
US-WORLD
Brazil aside, the Trump administration sends letters to seven more countries: Algeria, Brunei, Iraq, Libya, Moldova, Sri Lanka and the Philippines.
Below is an updated chart of letter-announced tariffs:
| US non-sectoral tariffs to apply as of Aug. 1 | ||
|---|---|---|
| Continent | Country | Rate |
| Africa | Algeria | 30% |
| Libya | 30% | |
| South Africa | 30% | |
| Tunisia | 25% | |
| Asia | Bangladesh | 35% |
| Brunei | 25% | |
| Cambodia | 36% | |
| Indonesia | 32% | |
| Iraq | 30% | |
| Japan | 25% | |
| Kazakhstan | 25% | |
| Laos | 40% | |
| Malaysia | 25% | |
| Myanmar | 40% | |
| Philippines | 20% | |
| South Korea | 25% | |
| Sri Lanka | 30% | |
| Thailaind | 36% | |
| Europe | Bosnia and Herzegovina | 30% |
| Moldova | 25% | |
| Serbia | 35% | |
| South America | Brazil | 50% |
| Source: The White House | ||
SWITZERLAND-US
After talks between the two countries, Switzerland’s Federal Council approves a letter of intent for a basic deal on tariffs with the US, according to Tages Anzeiger. Swiss Federal Councilor Albert Rösti says that US President Donald Trump’s approval is “the only thing missing.” Switzerland is apparently expecting no punitive tariff above the basic tariff (10%) for as long as negotiations continue.
July 7
US - WORLD
US President Donald Trump has, by Executive Order, extended the suspension of reciprocal tariffs until Aug. 1. The separate tariff suspension on Chinese imports announced on May 12 is not affected by the new order.
In addition, the Trump adminsitration has sent letters to 14 countries – with more to come – to lay out a tariff policy. The letters are reproduced on Trump’s Truth Social account.
According to these letters, these countries will as of Aug. 1 be charged a certain tariff rate, in addition to any sectoral tariffs, on all products they export to the US, transshipped goods included.
However, any goods they manufacture in the US for sale there will be charged no tariffs.
Moreover, should these countries raise their tariffs on US exports, the US will mirror the rise and add that amount to the basic rate.
The rates are as follows:
| US non-sectoral tariffs to apply as of Aug. 1 | ||
|---|---|---|
| Continent | Country | Rate |
| Africa | South Africa | 30% |
| Tunisia | 25% | |
| Asia | Bangladesh | 35% |
| Cambodia | 36% | |
| Indonesia | 32% | |
| Japan | 25% | |
| Kazakhstan | 25% | |
| Laos | 40% | |
| Malaysia | 25% | |
| Myanmar | 40% | |
| South Korea | 25% | |
| Thailaind | 36% | |
| Europe | Bornia and Herzegovina | 30% |
| Serbia | 35% | |
| Source: The White House | ||
July 2
US-VIETNAM
US President Donald Trump and Vietnamese Communist Party General Secretary To Lam reach a deal by telephone, according to the news service of Japan’s Nikkei.
According to Trump’s announcement on Truth Social, Vietnam has agreed to pay a tariff of 20 percent on all exports to the US and to charge no tariffs on US exports to Vietnam. This would more than halve the 46 percent US tariff previously announced.
JAPAN-US
The White House sets aside negotiations with Japan, which Trump calls “very tough,” in favor of those with countries like India, according to the Nikkei.
Speaking with reporters aboard the Presidential airplane, Air Force One, Trump says that a deal with Japan is unlikely before July 9, when the 90-day pause is to end and reciprocal tariffs are to take effect.
Find more details here
June 11
CHINA-US
“The two largest economies in the world,” says US Secretary of Commerce Howard Lutnick, “have reached a handshake” or “framework” in their negotiations. Representatives for China and the US have been negotiating in London and Geneva.
Any deal remains subject to approval by the two heads of state, Chinese President Xi Jinping and US President Donald Trump. There is no official announcement yet from either side, but Trump has posted on the matter on Truth Social.
Purportedly, the US is to reduce tariffs on China from 145 to 55 percent (a 10% baseline reciprocal-tariff + 25% from Trump’s first term + 20% over China’s alleged involvement in fentanyl trafficking), while China is to reduce its tariffs on the US from 125 to 10 percent.
In addition, China is to supply the US with rare-earths “up front.” According to US Secretary of the Treasury Scott Bessent, who testified on June 11 before US Congress, the deal involves “no quid pro quo in terms of chips for rare-earths.” In other words, the US is not to ease the sale of computer chips to China in exchange for a better deal on rare-earths.
It was fantastic to team up with Secretary Scott Bessent and Ambassador Jamieson Greer. World-class team delivering world-class results for America. pic.twitter.com/hWxj1xyNv9
— Howard Lutnick (@howardlutnick) June 11, 2025
— Howard Lutnick (@howardlutnick) June 11, 2025
May 29
US
The US Court of Appeals for the Federal Circuit in Washington issues a temporary stay on the May 28 decision of the US Court of International Trade, so as to study the appeals of the Trump administration. The plaintiffs and the administration have until June 5 and June 9 respectively to respond.
The affected tariffs are in effect temporarily reinstated.
May 28
US
The US Court of International Trade rules President Donald Trump’s “Liberation Day” tariffs unconstitutional, stating only Congress can regulate trade. The decision halts the tariffs, but the White House has filed an appeal.
May 25
EU/US
Trump postpones the EU tariff deadline to July 9 after a conversation with European Commission President Ursula von der Leyen.
May 23
EU/US
US President Trump announces a 50 percent tariff on all EU imports, starting June 1, citing stalled trade talks.
May 14
CHINA/US
The US sets an ad valorem duty of 10 percent on all imports from China (Hong Kong and Macau included), with exemptions for semiconductors and other electronics (as set forth in the Presidential Memorandum of April 11). This will be in effect for 90 days.
“In recognition of the intentions of the PRC [People’s Republic of China] to facilitate addressing the national emergency declared in Executive Order 14257,” the US is also reducing to 34 percent the tariffs that it recently raised to 125 percent. This too will be in effect for 90 days.
Products formerly qualifying for the de minimis provision – that is, single shipments of goods valued at $800 or less per recipient per day – will continue to be subject to a duty of $100 per postal item, but the ad valorem duty on them is reduced from 120 to 54 percent.
According to Xinhua, the state-run news service, China will be adjusting tariffs on imports from the US today.
May 11
CHINA/US
US Secretary of the Treasury Scott Bessent says that the US and China have made “significant progress” in their negotiations on trade, taking place in Switzerland over the previous two days. Chinese Vice Premier He Lifeng, quoted by ABC News, speaks of “substantial progress” and “important consensus.” The two countries are to release a joint statement.
May 8
UK/US
US President Donald Trump and UK Prime Minister Kier Starmer have agreed at least in principle to an Economic Prosperity Deal (EPD), intended to “remove barriers” and create “good, high-paying jobs and growth in both countries,” per the US, and to “make bilateral trade fairer, easier, and more substantial,” per the UK.
Aside from its bilateral reduction of tariffs “on a preferential basis,” the EPD seems most likely to affect the sporting goods industry with respect to “U.S. requirements on the security of the supply chains of steel and aluminum products intended for export to the United States and on the nature of ownership of relevant production facilities.”
April 21
INDIA/US
US Vice President J.D. Vance meets with Indian Prime Minister Narendra Modi in New Delhi. According to the Prime Minister’s office, they pursued negotiations for an India-US Bilateral Trade Agreement and to sought greater cooperation “in energy, defence, strategic technologies and other areas.”
April 16
CHINA/US
According to Bloomberg, China says that it is willing to negotiate with the US on certain conditions:
- First, it seeks respect and would like President Trump to reign in members of his cabinet who make disparaging remarks about China. This is perhaps a reference to Vice President J.D. Vance, although Vance is not in the cabinet.
- Second, it wants the US to appoint a single person with whom China can negotiate.
April 15
CHINA/US
The White House releases a fact sheet according to which “China now faces up to a 245% tariff on imports to the United States as a result of its retaliatory actions.”
Chinese Foreign Ministry spokesperson Lin Jian, quoted in China’s Global Times, responds to a question on this matter as follows: “You can ask the US side for the specific tax rate figures.”
US
In addition, the Trump administration orders the Secretary of Commerce to investigate “the effects on national security of imports of processed critical minerals and their derivative products.” There are 50 “critical minerals,” as set forth by the US Geological Survey.
April 14
CHINA/VIETNAM
Chinese President Xi Jinping travels to Vietnam, publishing in the Vietnamese newspaper Nhan Dan an article titled “Building on past achievements and making new advances in pursuit of shared goals.” It says, among other things, that “China has been Vietnam’s biggest trading partner for over 20 years in a row, with total bilateral trade exceeding 260 billion USD in 2024.”
Xi Jinping is next to visit Malaysia and Cambodia.
April 13
THAILAND
Former Thai Prime Minister Thaksin Shinawatra says that he has been in contact with “people close to US President Donald Trump,” according to the Bangkok Post. Thailand, he says, must “reconsider unnecessary trade barriers on US imports, particularly those that do not impact domestic industries,” as the newspaper writes.
He recommends, moreover, that the Association of Southeast Asian Nations (ASEAN) establish a free-trade agreement with the EU. Thailand, meanwhile, should consolidate its own position before negotiating with the US. He will join the negotiations himself if the opportunity arises.
April 11
CHINA
China raises its retaliatory tariff against the US from 84 to 125 percent, in what it deems a final move, according to Nikkei Asia.
“Given that U.S. exports to China are no longer commercially viable under the current tariff levels, if the U.S. continues to raise tariffs on Chinese exports to the U.S., China will no longer respond,” the Customs Tariff Commission of the State Council has announced. In a press conference, however, a spokesman for the Ministry of Commerce says: “If the U.S. continues playing this numbers game, China will ignore it,” the spokesperson said. “However, if the U.S. insists on materially harming China’s interests, China will fight back resolutely and to the end.”
In addition, according to the Ministry of Commerce, China files a lawsuit against the US with the World Trade Organization (WTO), seeking to invoke the dispute-settlement mechanism over US President Trump’s new tariffs. The US has been blocking appointments to the WTO’s appellate body since July 2017, under the first Trump administration (a policy continued by the Biden administration) and has stopped its funding of the overall organization.
US
President Donald Trump issues a clarification of a previous Executive Order to exempt semiconductors and related products from his new tariffs.
April 10
CAMBODIA
The Ministry of Commerce releases a statement to reaffirm Cambodia’s willingness to negotiate with the US. The government, as the Phnom Penh Post reports, has established an inter-ministerial task force, under Sun Chanthol, First Vice President of the Council for the Development of Cambodia (CDC), to oversee the negotiations.
It has established in addition a task force, also under Chanthol, to coordinate bilateral trade and investment relations between Cambodia and the US.
ASEAN
ASEAN releases a joint statement, seeking to address “trade-related concerns” through “a frank and constructive dialogue” with the US. It seeks to maintain:
- the ASEAN-US Trade and Investment Framework Agreement (TIFA, signed in 2006, under US President George W. Bush)
- the Expanded Economic Engagement (E3) Workplan (signed in 2012, under US President Barack Obama)
- the “rules-based multilateral trading system with the World Trade Organization (WTO) at its core”
In preface – after describing itself as the world’s fifth-largest economy and the US as its largest source of foreign direct investment (FDI) and second-largest trading partner (after China) – ASEAN laments the “uncertainty” that the imposition and suspension of tariffs will bring to “micro, small, and medium enterprises (MSMEs)” in particular and to “global trade dynamics” through the disruption of “regional and global trade and investment flows, as well as supply chains.”
April 9
US
The US suspends its reciprocal tariffs for all countries on its list except one, China. For these others the US applies a baseline tariff of 10 percent, valid for 90 days. Should the parties not come to terms by the end of that period, the reciprocal tariff is to be restored.
For China, which has retaliated, the US raises the reciprocal tariff to 125 percent. This is on top of an existing tariff of 20 percent, so the total is now 145 percent.
According to US President Donald Trump himself, “more than 75 Countries” have by now reached out to US government officials with a view toward talks.
CHINA
The Customs Tariff Commission of the State Council announces a rise in Chinese tariffs on US goods from 34 to 84 percent as of April 10.
EU
Member states vote in favor of the EU Commission’s proposal to “introduce trade countermeasures” against the US. These new tariffs on US goods amount to $23 billion, according to the AP, and will be taking effect in stages – some on May 15, others on Dec. 1. The EU has as yet released no public list of the goods.
Tariff turmoil: How the sports and outdoor industries in the US are bracing for impact
April 7
INDONESIA
Through its Coordinating Economic Affairs Minister, Airlangga Hartarto, Indonesia announces that it will negotiate with the US rather than retaliate against the Trump tariff of 32 percent on its goods, as the Jakarta Post reports, and has plans to send delegation to the US.
According to the Jakarta Post, which cites government data, Indonesia posted a trade surplus of $16.8 billion with the US, its third-biggest export destination, in 2024.
VIETNAM
The Chairman of the HCM City Association of Garment, Textile, Embroidery, and Knitting (Agtek), Phạm Xuân Hồng, estimates the US share of Vietnam’s total exports at 40 percent, according to Việt Nam News, which notes that US imports of Vietnamese textiles and garments have until now been taxed at a rate of 16 percent.
April 6
CHINA
China announces that as of April 10 it will be imposing a new tariff of 34 percent on all imports from the US, according to Xinhua.
VIETNAM
Deputy Prime Minister Bùi Thanh Sơn, who leads the working group on trade policy with the US, hosts a reception for US Ambassador Marc E. Knapper in Hanoi, according to Việt Nam News.
THAILAND
Finance Minister, Pichai Chunhavajira, announces that the Thai government has established a working group to discuss trade and that she will be leading a delegation to the US, as the Bangkok Post reports. “We believe that the world will see fierce retaliations through tax instruments,” she said. “Many countries have decided to talk with the US government but none have seen any conclusive results.”
The Thai government will be proposing to increase imports from the US in energy, aircraft and agriculture and to be more stringent when issuing certificates of origin. It will in turn be requesting that the US grant promotional privileges in the US for Thai investors and reduce obstacles to Thai exports.
April 4
CHINA
According to subsequent reports by the New York Times, Asia Financial and others, China halts exports of seven rare-earth metals – samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium – and of magnets made with them.
VIETNAM
Party General Secretary Tô Lâm speaks with US President Donald Trump by phone and proposes a postponement of the reciprocal tariffs on Vietnam for the duration of negotiations, according to Việt Nam News.
Lâm then appoints Deputy Prime Minister Hồ Đức Phớc as special envoy to the US, who is to pay a “working visit” to the country so as to implement terms agreed to during the phone call. Lâm also asks the US to “prioritise arranging meetings between the Vietnamese delegation and US partners.”
CAMBODIA
Prime Minister Hun Manet and Commerce Minister Cham Nimul, as the Phnom Penh Post reports, issue official letters to express to seek negotiations with the US and offer to reduce tariffs from 35 to 5 percent on 19 categories of US imports.
April 2
US President Donald Trump’s “Liberation Day,” which we covered at the time in two stories:
- Trump’s tariffs: Reactions from within the sporting goods industry and beyond
- US President Trump sets ‘reciprocal tariffs’
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