Trump tariffs live updates: Trump set to impose tariffs of up to 70% in letter push as July 9 deadline looms
Time has run out for some US trade partners looking to make deals ahead of President Trump's July 9 deadline for tariffs to snap back to higher levels.
Letters will start going out to countries on Friday to notify them of the tariff rates they will face on exports to the US, Trump told reporters, to go into effect on Aug. 1. The first 10 or 12 letters sent out will be followed by similar batches.
“By the ninth they’ll be fully covered,” Trump said in reference to the deadline, per Bloomberg. “They’ll range in value from maybe 60% or 70% tariffs to 10% and 20% tariffs.”
The Trump team has so far been focused on hammering out trade deals, though it has succeeded in nailing only three pacts so far.
Treasury Secretary Scott Bessent has 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:
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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.
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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.
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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.
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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.
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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 1337 updates- Featured Fri, July 4, 2025 at 9:40 AM UTC Karen Friar
Trump to start sending out unilateral tariff letters on Friday
President Trump said his administration will begin sending letters to trading partners on Friday laying out what tariff rates they will face on imports to the US.
Countries will have to start paying the duties from Aug. 1, Trump told reporters on Thursday.
The move marks a shift from earlier US optimism that talks would deliver scores of deals with its more than 170 trading partners, under pressure to beat a July 9 tariff deadline.
The "take it or leave it" letters go out with just days to go to that deadline for resumption of sweeping tariffs laid out in April by Trump.
Bloomberg reports:
Read more here.
Fri, July 4, 2025 at 11:00 PM UTC Jenny McCall Trump’s Vietnam deal shows China tariffs won’t fall much further
The new trade deal between the US and Vietnam should act as a sign to Beijing as to where US tariffs on Chinese goods might ultimately land.
Bloomberg News reports:
Read more here.
- Fri, July 4, 2025 at 10:17 PM UTC Associated Press
China imposes anti-dumping duties on European brandy
China on Friday imposed anti-dumping duties on European brandy, most notably cognac produced in France, as trade tensions between Beijing and United States allies continue to rise.
Chinese authorities agreed to exempt some major cognac makers on condition they maintain their prices above minimum levels.
The tariffs, effective on Saturday, will range from 27.7% to 34.9%, China's Commerce Ministry said. They are to be in place for five years and will not be applied retroactively.
Read more here
- Fri, July 4, 2025 at 7:00 PM UTC Jenny McCall
US plans AI chip curbs on Malaysia, Thailand over China concerns
President Trump's administration plans to restrict shipments of AI chips from the likes of Nvidia (NVDA) to Malaysia and Thailand, part of an effort to crack down on suspected semiconductor smuggling into China.
Bloomberg News reports:
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- Fri, July 4, 2025 at 6:54 PM UTC
US threatens 17% tariffs on EU agricultural exports ahead of July 9 deadline
The Financial Times reported Friday that the US has threatened to impose 17% tariffs on European Union agricultural exports
Read more here
- Fri, July 4, 2025 at 5:00 PM UTC Jenny McCall
US shale to slow drilling as Trump’s tariffs rattle executives
Bloomberg News reports:
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- Fri, July 4, 2025 at 3:00 PM UTC Jenny McCall
End of tax-free loophole for low-value goods disrupts air shipments to US from China
Reuters reports:
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- Fri, July 4, 2025 at 2:55 PM UTC Jenny McCall
Markets' 90-day tariff pause rollercoaster nears an uncertain end
President Trump's tariff deadline expires next week and the race is on for trading partners to secure deals with Washington or risk facing hefty tariffs. Next week will bring a close to 90 days of volatility but leave global investors in the dark over what will happen next.
Reuters reports:
Read more here.
- Fri, July 4, 2025 at 1:49 PM UTC Jenny McCall
Thailand to rework trade proposals before US tariff deadline
Thailand said it will refine its trade proposal framework as it races to secure a tariff deal with the US before the July 9 deadline next week. Thailand's Finance Minister Pichai Chunhavajir, said that the country's first ministerial-level talks went well.
Bloomberg News:
Read more here.
- Fri, July 4, 2025 at 12:36 PM UTC Jenny McCall
Indonesia offers to cut duties on US goods, buy $500M of wheat in tariff talks
The Indonesian government has offered to cut duties on key imports from the US to "near zero" and are willing to buy $500 million worth of US wheat as part of tariff talks with Washington, its lead negotiator said on Friday.
Reuters reports:
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- Fri, July 4, 2025 at 8:30 AM UTC Jenny McCall
Mercedes to LVMH are blunting the EU’s fight against Trump’s tariffs
Bloomberg News reports:
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- Fri, July 4, 2025 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:
Read more here.
- 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:
Read more here.
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:
Read more here.
- 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:
Read more here.
- 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:
Read more here.
- 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:
Read more here.
