With August 1 looming as the deadline for his sweeping “reciprocal tariffs,” President Donald Trump has negotiated several last‑minute trade deals, with the most recent one announced Wednesday with the US key trading partner South Korea. In April, Trump unleashed tariff threats ranging between 25% and 40% on goods from more than a dozen countries. However, global market turbulence and diplomatic pressure from allies pushed key trade negotiations forward. Here are the trade deals the US has announced so far.
South Korea Deal: 15% in Exchange for Big Investments
On Wednesday, Trump announced a preliminary agreement with South Korea: a reduced 15% tariff (down from the threatened 25%), accompanied by Seoul committing to invest$350 billion in the US‑owned assets and purchase $100 billion in American energy products — plus expanded market access for American autos and agricultural goods, according to a report published by Politico.
South Korea’s negotiating teams recently rushed to Washington, ramping up efforts to finalise the deal and avert steep tariff impacts on its semiconductor, auto, and steel industries, as reported by Reuters.
ALSO READ: Trump Announces New US-South Korea Trade Deal Ahead of Tariff Deadline
EU and Japan Follow Suit
Similar pacts were reached with the European Union and Japan. The US—EU deal sets a 15% general tariff on most imports, halving the originally threatened 30% levies. In return, the European bloc assured $600 billion in investments over several years and increased purchases of the US energy and defense equipment, per Reuters.
Japan, too, secured a 15% rate on autos and industrial goods and promised $550 billion in investments and improved market access, especially for American carmakers and farmers. US stock markets have since reported a surge on the back of these announcements with Japanese, South Korean, and European automaker shares led gains.
Other Nations Offer Compromise Deals
A series of other tariff frameworks are also in the works. Indonesia and the Philippines agreed to 19% US tariffs, while offering duty‑free access to nearly all American exports.
Vietnam sealed a trade agreement with duty‑free entry for the US products, while its exports to the US face a reduced 20% rate plus penalties on transshipped goods, as reported by the New York Post.
Despite Trump’s initially widely touted ambition to strike “90 deals in 90 days,” only a handful have been signed so far, even as more potential agreements remain in negotiation stages.
ALSO READ: Trump Slaps 50% US Tariffs on Brazil and Copper Imports in Major Trade War Escalation
Trump Holds the Tariff Hammer
Trump has on several occasions reiterated that his August 1 deadline is fixed, while stressing “there has been no change to this date, and there will be no change”. He also warned that countries increasing their tariffs will see tit-for-tat retaliation from the US.
US Treasury Secretary Scott Bessent, meanwhile, has stressed that countries shouldn’t “panic” if no deal is reached in time, and that negotiations can continue even afterward, as reported by Reuters.
The trade deals with the US offer relief to key trading partners of the world’s largest economy, avoiding more disruptive tariff hikes. However, analysts say the concessions demanded, such as massive investment pledges and market access, may tie countries too closely to the US strategic interests.
For American businesses and consumers, the slower rollout of tariffs comes as a relief even as experts caution that unresolved frameworks leave uncertainty, especially for sectors like autos, pharmaceuticals and semiconductors.
ALSO READ: Trump Announces 25% Tariff On India: What It Means For India-US Trade, Defense Ties
