Trump tariffs live updates: Trump announces Vietnam deal, China tensions ease, and July 9 deadline looms

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It's crunch time for US trade partners looking to make deals ahead of President Trump's July 9 deadline for tariffs to snap back to higher levels.

Treasury Secretary Scott Bessent said around 100 partners would likely see a minimum "reciprocal" rate of 10% come next week, adding that he expects a "flurry" of deals to materialize before the deadline.

Here is where things stand with various partners:

China: The US has eased export restrictions on China for chip design software and ethane, a sign that trade tensions are calming between the two countries after they agreed in May to a framework to move toward a larger trade deal. Software firms like Synopsys (SNPS) and Cadence (CDNS) said they will now sell their chip design tools to Chinese customers again. The US also removed limits on ethane exports to China that it had set just weeks ago.
Vietnam: Trump on Wednesday said he had reached a trade deal with Vietnam, one that will see the country's imports face a 20% tariff — lower than the 46% he had threatened in April. He also said Vietnamese goods would face a higher 40% tariff "on any transshipping" — when goods shipped from Vietnam originate from another country, like China. Many US goods will see no duty upon import to Vietnam.
Japan: Trump earlier this week said negotiations with Japan had soured, saying he would force Japan to accept higher tariffs of "30%, 35%, or whatever the number is that we determine." Notably, that proposal is higher than the 24% "Liberation Day" level. "They’re very tough. You have to understand, they’re very spoiled," he said.

European Union: The EU has signaled it is willing to accept a 10% universal tariff on many of its exports but is seeking exemptions for pharmaceuticals, alcohol, semiconductors, and commercial aircraft as part of a trade deal. Bessent said US-EU talks would continue through the weekend. Trump has threatened 50% tariffs on the bloc's imports.
Canada: Canada has scrapped its digital services tax that was set to affect large US technology companies. The White House said trade talks between the two countries had resumed after Trump threatened to cut off trade talks. They are aiming for a deal by mid-July.

Read more: What Trump's tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

LIVE 1326 updates

Today at 1:00 AM UTC Jenny McCall
Trump’s Vietnam deal stokes Asia concern as trade deadline looms

The US trade deal with Vietnam should be seen as a early sign to Asian countries that higher tariffs are not going anywhere.

Bloomberg News reports:

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Thu, July 3, 2025 at 10:00 PM UTC Jenny McCall
Vietnam still finalizing trade deal already announced by Trump

Vietnam negotiators said on Thursday that they are still working with the US to finalize the details of the trade deal, which was announced by President Trump on Wednesday. No further details have been provided to businesses and investors beyond the tariff rates disclosed so far.

Bloomberg News reports:

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Thu, July 3, 2025 at 7:40 PM UTC Brett LoGiurato
Bessent: Around 100 countries likely to face 10% 'reciprocal' tariff

Treasury Secretary Bessent has been making the rounds today, talking about the Trump tax bill and tariffs as next week's July 9 deadline looms.

Per Reuters, Bessent said around 100 countries are likely to see a "reciprocal" tariff of 10%:

Bessent also said Trump would ultimately decide whether to extend that July 9 deadline for countries negotiating "in good faith."

Thu, July 3, 2025 at 7:00 PM UTC Jenny McCall
Canada exports to US keep falling as tariffs curb shipments

Bloomberg News reports

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Thu, July 3, 2025 at 5:00 PM UTC Jenny McCall
German car exports to US slide in April, May as tariffs hit

German car exports to the US fell in April and May as import tariffs imposed by the Trump administration hit German automakers' sales, according to data from the VDA industry association.

Reuters reports:

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Thu, July 3, 2025 at 3:26 PM UTC Jenny McCall
Watches of Switzerland warns of margin hit as US tariffs bite

Luxury watch specialist, Watches of Switzerland warned on Thursday that its profit margin could fall this year as the luxury watch sector adjusts to higher US tariffs.

Reuters reports:

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Thu, July 3, 2025 at 12:30 PM UTC Jenny McCall
South Korea puzzles over US trade demands as deal still elusive

The South Korean President Lee Jae Myung said on Thursday that it still remains unclear if trade talks between Seoul and Washington can result in a deal before next week’s deadline to avert sweeping tariffs from President Donald Trump.

Bloomberg News reports:

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Thu, July 3, 2025 at 11:25 AM UTC Jenny McCall
Trump aims to shut trade loopholes China uses to evade tariffs

President Trump has his eye on any loopholes that China may use to swerve tariffs. Trump's two-tired trade deal with Vietnam takes aim at practices China has used to avoid US tariffs, such as the widespread shifting of production to Southeast Asian factories and the illegal "origin washing" of exports through their ports.

Beijing has responded and said it was “conducting an assessment” of the US-Vietnam trade deal, adding: “We firmly oppose any party striking a deal at the expense of China’s interests.”

“If such a situation arises, China will take resolute countermeasures to safeguard its legitimate rights and interests,” the ministry added.

Bloomberg News reports:

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Thu, July 3, 2025 at 11:00 AM UTC Jenny McCall
Why are farm goods holding up the India-US trade deal?

The US and India are on the verge of sealing the deal when it comes to reducing tariffs. But there appears to be one sticking point ahead of President Trump's July 9 deadline and it centers around dairy and agriculture. Here's an explainer on why farm goods may hold up a trade deal between the two nations.

Reuters reports:

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Thu, July 3, 2025 at 10:15 AM UTC Jenny McCall
China hits out at Donald Trump’s trade deal with Vietnam

China is growing more worried as President Trump strikes deals with other countries. On Thursday Beijing hit out at the US-Vietnam trade deal, amid concerns that the US is using "Liberation Day" tariff negotiations with countries to curb China's export machine.

The deal with Vietnam, which was announced by the US President on Wednesday, lowers tariffs on Hanoi's exports from 46% to 20%, but it retains a 409% levy on t"trans-shipping" of goods, which China believes is aimed at its re-exports to the US.

.The FT reports:

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Thu, July 3, 2025 at 10:04 AM UTC Jenny McCall
Indonesia to sign $34B pact with US partners ahead of tariff negotiation deadline

Indonesia plans to sign a $34 billion deal with US businesses next week to increase purchases and help secure a trade agreement before the July 9 deadline, its top economic minister said Thursday.

Reuters reports:

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Thu, July 3, 2025 at 9:51 AM UTC Jenny McCall
Beijing braces for US trade deals that aim to shut out China

The trade truce between the US and China may be holding for now, but China is becoming wary that it may thaw. Beijing's concerns stem from what may be happening elsewhere and the US's efforts to forge deals that could isolate Chinese firms from global supply chains.

The US has removed export restrictions on chip design software and ethene shipments. China has responded by making concessions over its rare earth export controls. But despite this, China is still on edge.

Bloomberg News reports:

Read more here.

Thu, July 3, 2025 at 8:46 AM UTC Jenny McCall
US, India push for trade pact after Trump strikes deal with Vietnam: Sources

Trade negotiations between the US and India have been moving forward. But unresolved issues over US dairy and agriculture have caused some disagreements between the two sides, according to sources familiar with the talks.

Reuters reports:

Read more here.

Thu, July 3, 2025 at 8:28 AM UTC Jenny McCall
As trade war truce with China holds, US lifts curbs for chip design software and ethane

The US has removed export restrictions on chip design software and ethane shipments to China, easing trade tensions between the two countries. China recently made concessions over its rare earth export controls.

Software companies Synopsys (SNPS), Cadence (CDNS), and Siemens (SIEGY) said they will now restore access for their Chinese customers. These firms develop important electronic design automation tools used in chipmaking.

The US also lifted licensing rules for ethane producers. Earlier restrictions were part of Trump's response to China blocking rare earth exports, which had disrupted supply chains for cars, aerospace, and defense industries.

Reuters reports:

Read more here.

Wed, July 2, 2025 at 4:00 PM UTC Brett LoGiurato
How the US trades with Vietnam, by the numbers

President Trump had targeted Vietnam with some of the highest tariffs of any country on his April "Liberation Day." That's at least partly because he and top advisers have made Vietnam an example of a country that is allegedly "ripping off" the US.

Vietnam has become the US's 10th-largest trade partner, according to US Census data. And it is the seventh-largest source of imports, sending goods worth over $130 billion. It contains factories for some of the biggest US-based apparel makers, including Nike (NKE) and Lululemon (LULU).

Vietnam became a destination for companies looking to diversify manufacturing as US-China tensions escalated over the past decade. Vietnam's trade surplus with the US ballooned to over $123 billion last year.

This year's US trade deficit with Vietnam stood over $50 billion through just April as companies raced to move more operations out of China.

Wed, July 2, 2025 at 3:14 PM UTC Grace O'Donnell
US to impose 20% tariff on goods from Vietnam, 40% rate on transshipments

President Trump followed up his previous announcement of a trade deal with Vietnam with some additional details on social media.

"It is my Great Honor to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam after speaking with To Lam, the Highly Respected General Secretary of the Communist Party of Vietnam," Trump posted on Truth Social.

Trump wrote that the two sides agreed to a 20% tariff rate on all goods sent from Vietnam to the US and a 40% tariff rate on transshipment — essentially, when goods from China or other countries are routed through Vietnam. Tariffs on goods from the country were previously set to return to 46% on July 9.

Vietnam also lowered tariffs on US goods to zero, Trump said, and is lowering trade barriers. The president suggested US automakers could introduce more SUVs to the Southeast Asian country.

"In return, Vietnam will do something that they have never done before, give the United States of America TOTAL ACCESS to their Markets for Trade," Trump wrote. "In other words, they will 'OPEN THEIR MARKET TO THE UNITED STATES,' meaning that, we will be able to sell our product into Vietnam at ZERO Tariff."

Wed, July 2, 2025 at 2:59 PM UTC Jenny McCall
US wants Vietnam to pay higher tariff based on foreign content

The US and Vietnam are said to be very close to a establishing a trade framework that will see goods given a scaled range of tariffs depending on the percentage of foreign content, according to people familiar with the talks.

Reuters reports:

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Wed, July 2, 2025 at 2:54 PM UTC Jenny McCall
Rivian reports 22% fall in quarterly deliveries as tariffs hit demand

Tariffs have hit electric vehicle maker, Rivian (RIVN) who reported a sharp fall in second-quarter deliveries on Wednesday as demand for its EVs took a hit from competition and tariff-driven economic uncertainty.

Reuters reports:

Read more here.

Wed, July 2, 2025 at 2:34 PM UTC Grace O'Donnell
Trump says US reached trade agreement with Vietnam

President Trump said that his administration has struck a preliminary trade agreement with Vietnam a week before the self-imposed deadline of July 9.

"I just made a Trade Deal with Vietnam. Details to follow!" Trump posted on Truth Social.

While we don't yet know the details of the deal, Vietnam had been seeking to secure tariffs in the range of 20% to 25%, below Trump's "Liberation Day" rate of 46% for goods from the country, according to a Bloomberg report.

The US had been looking to stop the flow of goods from China that had been rerouted through Vietnam to circumvent tariffs. Vietnam had offered to remove all tariffs on US goods and step up trade enforcement, according to people familiar with the talks.

Wed, July 2, 2025 at 12:33 PM UTC Jenny McCall
Tariffs test Japanese carmakers’ shock absorbing powers

When President Trump imposed his 25% tariffs on imported Japanese cars, the expectation had been higher sticker prices for US consumers and a drop in sales. It was expected that the added costs to exporters would be passed on to the consumer. However, the policy has been in place for months and the outcomes has proven far less intense.

Bloomberg News reports:

Japanese automakers’ US sales have shown surprising resilience. Toyota (TM), for example, hit a global sales record in May, with North America sales up more than a tenth. Part of that is thanks to their local US production.

Read more here.