New Trade Deals & Tariff Deadlines: What You Need to Know This Week

U.S.–Japan Deal Finalized Ahead of August 1 Tariff Deadline

President Trump has secured a major agreement with Japan:

✔ 15% tariff on Japanese imports (reduced from 25%)

✔ Expanded access to U.S. vehicles, rice, and agriculture

✔ $550B pledged investment in the U.S., with 90% of profits remaining domestic

Note: No exemptions apply to goods currently in transit.

New 19% Tariffs from the Philippines & Indonesia

Two additional trade agreements were announced this week:

Philippines:

• 19% tariff on goods entering the U.S.

• Zero tariffs on U.S. exports

• Increased military and economic cooperation

Indonesia:

• 19% U.S. import tariff

• Dropping digital service taxes and export restrictions

• Opens market to U.S. farmers, automakers, and aviation—including 50 Boeing jets

Caution: Transshipped goods from China via these countries may still face higher tariffs.

China Tariff Watch: Countdown to August 12

The reciprocal tariff on goods from China, Hong Kong, and Macau is still scheduled to rise from 10% to 34% at 12:01 a.m. EDT on August 12.

While Chinese officials have expressed willingness to negotiate, no formal deal or delay has been announced. Importers should remain prepared.

EU–U.S. Tariff Talks Underway

The EU’s lead trade official is in Washington for urgent negotiations. If no deal is reached by August 1, the U.S. will impose up to 30% tariffs on EU imports.

In response, the EU is planning retaliatory tariffs on up to €72 billion worth of U.S. exports.

Impact Already Showing: GM Reports $1.1B Tariff Loss

General Motors reported a 35% drop in Q2 profits, citing $1.1 billion in tariff-related expenses. The company now projects up to $5B in tariff costs for the year and is investing $4B in U.S. manufacturing to mitigate exposure.

Important Tariff Reminders:

China-origin goods may face cumulative tariffs, including:

• Section 301: 7.5% or 25%

• Section 232 (Steel/Aluminum): 50%

• IEEPA Fentanyl Tariff: 20%

Key Deadlines to Watch:

• August 1: Tariffs activate for Japan, Philippines, Indonesia, Canada, Mexico, and possibly the EU

• August 12: Expected tariff increase on China, Hong Kong, and Macau

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