Trump tariffs live updates: EU warns of 'big gap' as Trump amps up threats on EU, Canada, Mexico
President Trump is pushing through with his tariff agenda, unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August.
Trump on Thursday announced a 35% tariff on Canadian goods. He followed that up this weekend with promises of 30% duties on Mexico and the European Union. In an interview with NBC News published late Thursday, Trump also floated 15% to 20% blanket tariffs on most trading partners, higher than the 10% level currently in effect.
The fresh tariff salvos capped a week in which Trump sent a barrage of tariff letters to over 20 trade partners, setting levels of 20% to 40% — except for a 50% levy on goods from Brazil in a move that waded into the country's domestic politics.
The EU has been preparing options for a trade deal, while also preparing extensive countermeasures of American products to enact tariffs upon should talks fail.
"There will be a huge impact on trade,” the EU's chief negotiator said Monday. "It will be almost impossible to continue trading as we are used to in a transatlantic relationship."
As markets focus on US talks, here is where things stand with other key partners:
Vietnam: Trump said a deal with Vietnam will see the country's imports face a 20% tariff — lower than the 46% Trump 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. According to reports, Vietnam's leadership was caught off guard by Trump's announcement last week that it agreed to a 20% tariff and is now seeking to lower the rate.
India: Trump's tariffs on Brazil have raised the stakes for India, another member of the BRICS coalition. Bloomberg reported that the countries are working toward a framework deal that could see US tariffs on goods from India drop below 20%.
Russia: Trump threatened "secondary" tariffs on Russia of up to 100% as he attempts to pressure the country into negotiating an end to the war in Ukraine.
