Trump’s Tariff Ultimatum: Countdown to August 1 begins
1/7
Trump Pressures Trade Partners with Tariff Deadline
US President Donald Trump announced that letters would be sent to trade partners warning of tariff hikes starting August 1. The delay from the original July 9 deadline gives nations a short window to finalize deals. Treasury Secretary Scott Bessent indicated that multiple negotiations were nearing conclusion. (Source: AFP)
2/7
European Union – 'Ready for a Deal'
The EU signaled its readiness to reach an agreement, with trade talks intensifying before the deadline. European Commission President Ursula von der Leyen targeted an "agreement in principle," while Bessent praised recent progress. Without a deal, US tariffs on EU goods may double from 10% to 20%.
3/7
Vietnam – Pact Signed but Uncertainty Remains
Vietnam dodged a 46% tariff through a new agreement with Washington, which imposes a 20% tariff on Vietnamese goods. However, concerns persist over how tariffs will apply to foreign component-based products. The deal also includes anti-transshipment clauses, with Beijing possibly planning retaliation.
Amazon Top Deals
POWERED BY
Crompton Ozone 75 Litres Desert Air Cooler for home | Large & Easy Clean Ice Chamber | 4-Way Air Deflection | High Density Honeycomb Pads | Everlast Pump | Auto Fill| 3 Year Brand Warranty
₹9,798Buy Now43%
OFF
LG 32 L Convection Microwave Oven (MC3286BRUM, Black, 360° Motorised Rotisserie for Bar-be-queing, 301 Auto Cook Menu, Stainless steel cavity, Indian Cuisine, Tandoor Se, Steam Clean & Diet Fry)
₹19,340Buy Now19%
OFF
4/7
Japan – Rice and Autos in Focus
Despite close ties with the US, Japan could still face tariffs up to 35%. Negotiations have stalled over US access to Japan’s rice and auto markets. Trump expressed skepticism about reaching a deal, and Japan’s trade envoy has been in Washington repeatedly to find a compromise.
5/7
India – Positive Signs but Red Lines Remain
India appears close to securing a deal to avoid a 26% tariff. Trump hinted at a “very big” agreement in June, and trade officials noted positive momentum. However, India remains firm on protecting agriculture and dairy sectors, identified as non-negotiables by Finance Minister Nirmala Sitharaman.
6/7
South Korea – Shipbuilding as a Bargaining Chip
South Korea, already impacted by steel and auto tariffs, faces a looming 25% levy. President Lee Jae Myung expressed cautious optimism but acknowledged a lack of clarity on both sides’ expectations. Cooperation in shipbuilding may be used to negotiate more favorable terms.
7/7
Others in Waiting – Taiwan, Indonesia, Switzerland
Several Asian economies like Taiwan and Indonesia await clarity. Taiwan faces a 32% tariff but continues diligent talks. Indonesia and Bangladesh are offering increased imports from the US to avoid steep duties. Meanwhile, Switzerland hopes to retain its 10% tariff, pending final word from Washington.
(Disclaimer: This slideshow has been sourced from AFP)
(Disclaimer: This slideshow has been sourced from AFP)