President Trump is set to hit several major U.S. trading partners with steep tariffs if they don’t agree to new trade terms before an Aug. 1. deadline.
Trump suggested Monday that any nation that refuses to strike a deal with the U.S. would face a tariff between 15 and 20 percent.
“We’re going to be setting a tariff for essentially the rest of the world, and that’s what they’re going to pay if they want to do business in the United States. Because you can’t sit down and do 200 deals. But we made the big ones,” he said.
Here are some of the top trading partners that have not struck deals with the U.S.
Treasury Secretary Scott Bessent and his Chinese counterparts held talks this week in China and Stockholm this week, which marked the third round of talks between the two nations. The talks led to another possible extension in the trade deal that was announced in May, without details about the timing of that extension.
Trump said he will be briefed on Wednesday by his top officials on a deal with China to extend the tariff pause, and “we’ll either approve it or not.”
China and the U.S. were facing an Aug. 12 deadline for tariffs on China at 30 percent and Chinese tariffs on the U.S. at 10 percent. That rate is significantly down from earlier in the year, when Trump hit China with a 145 percent tariff and Beijing hit U.S. goods with a 125 percent tariff.
“We have a good relationship with China,” Trump said Monday. “China’s tough.”
Trump on Tuesday also pushed back on reporting that the tariff talks this week could set the groundwork for a meeting with Chinese President Xi Jinping, saying he’s not looking for a summit with his counterpart.
U.S. imports from China in 2024 totaled nearly $439 billion, according to the U.S. trade representative (USTR), and U.S. exports to China in 2024 were more than $143 billion.
Negotiations between the Trump administration and Canada have stalled, Trump said last week.
“We haven’t really had a lot of luck with Canada. I think Canada could be one where they’ll just pay tariffs. It’s not really a negotiation,” Trump said on Friday.
Trump threatened to levy a 35 percent tariff on the country in a letter to Canadian Prime Minister Mark Carney. Canada was the third-largest source of U.S. imports, totaling $412.7 billion in 2024, according to the USTR. U.S. exports to Canada in 2024 were $349.4 billion.
The president also threatened to impose a 30 percent tariff on goods from Mexico in a letter, citing the flow of fentanyl across the southern border that was the original basis for a 25 percent tariff he imposed on Mexican goods earlier this year.
The letter to Mexican President Claudia Sheinbaum was sent on the same day that Trump threatened 30 percent tariffs on the European Union. He has since made a deal with the European bloc to lower tariffs to 15 percent.
Mexico was the top source for U.S. imports, which totaled just less than $506 billion in 2024, according to the USTR. U.S. goods exports to Mexico in 2024 were $334 billion.
The administration hasn’t cited any progress in talks with South Korea, and President Lee Jae Myung said in July that talks with the U.S. have been “clearly not easy.”
South Korea is the sixth-largest trading partner with the U.S. and was hit with a 25 percent tariff on its imports on “Liberation Day” in April.
U.S. goods from South Korea totaled more than $131 billion in 2024, according to the USTR. U.S. exports to South Korea in 2024 were more than $65 billion.
The U.S. has held three rounds of talks with Taiwanese officials, and a deal could be struck any day, a source familiar with talks told The Hill. Even so, the fate of a deal with Taiwan also depends on the U.S.-China talks in Sweden.
Taiwan is bracing for Trump possibly cutting them out of a trade relationship as part of making a deal with China, the source said, and is “actively contemplating the prospect of a new go-it-alone era, where Taipei can no longer count on support from the White House.”
The Trump administration reportedly denied Taiwanese leader Lai Ching-te’s request to stop over in the U.S. next month, a move that has added to the fears that the president would “sell out” Taiwan’s democracy in order to have a strong trade relationship with China.
Taiwan is the seventh-largest trading partner with the U.S. and was hit with a 32 percent tariff on its imports in April. U.S. imports from Taiwan in 2024 totaled more than $116 billion, according to the USTR, and U.S. exports to Taiwan in 2024 totaled more than $42 billion.
Top administration officials, including Trump, have insisted for months that a deal with India was pending but have yet to announce one.
“No, it’s not,” Trump said on Tuesday when asked if a deal with India was finalized. He also threatened to impose a 25 percent tariff on India.
India and U.S. trade last year overall was valued at roughly $130 billion, and Prime Minister Narendra Modi paid a friendly visit to Trump in February. Vice President Vance then traveled to India in April and hailed progress on trade talks with Modi, expressing optimism about striking a deal.
Trump imposed a 26 percent tariff on goods from India during his April 2 “Liberation Day” tariff announcement. India is the 10-largest trading partner with the U.S., and U.S. imports from India totaled more than $87 billion in 2024, according to the USTR. U.S. exports to India in 2024 were nearly $42 billion.
Trump declared that Brazil would be hit with a hefty 50 percent tariff in part due to the criminal prosecution of Jair Bolsonaro, Brazil’s former president, over an alleged plot to remain in power after losing an election. He sent a letter to Brazil, deeming the prosecution of Bolsonaro — known as the “Trump of the tropics” — a “witch hunt.”
Brazilian President Luiz Inácio Lula da Silva has urged Trump to return to trade talks and said on CNN earlier this month that Trump “was elected not to be the emperor of the world.”
Brazil is among the top 15 trading partners with the U.S. and was hit with a 10 percent tariff on its imports in April. U.S. imports from Brazil in 2024 totaled more than $42 billion, according to the USTR, and U.S. exports to Brazil in 2024 were nearly $50 billion.
Switzerland is hopeful that the draft trade deal it approved will be signed off by Trump ahead of the deadline, Bloomberg reported.
Swiss President and Finance Minister Karin Keller-Sutter said in July that the two nations were close and was hopeful at the time that Switzerland would be one of the first nations to strike deals with the U.S.
Switzerland is among the top 20 trading partners with the U.S. and was hit with a 31 percent tariff on its imports in April. U.S. imports from Switzerland totaled more than $63 billion in 2024, according to the USTR, and U.S. exports to Switzerland in 2024 were $25 billion.
Thailand and Cambodia agreed to a ceasefire on Monday to end five days of fighting in the region, which is expected to also restart trade talks with the U.S.
“I have instructed my Trade Team to restart negotiations on Trade,” Trump said on Truth Social after he spoke to both leaders about the truce. Trump had previously said if the two countries did not stop fighting, they would not get a trade deal with the U.S.
Thailand’s acting Prime Minister Phumtham Wechayachai said he expects a “very good” trade deal after agreeing to end the conflict. He said that Trump told him “there will be tariff negotiations, which will be beneficial, and we will get something very good out of it. He will do his best to give us as much as he can,” Bloomberg reported.
Thailand is among the top 20 trading partners with the U.S. and was hit with a 36 percent tariff in April. U.S. imports from Thailand totaled more than $63 billion in 2024, according to the USTR, and U.S. exports to Thailand in 2024 were nearly $18 billion.