Trump provides Mexico with a 90-day tariff respite, with the deadline for increased taxes rapidly approaching.
U.S. Trade and Tariff Update: July 2025
As the tariff deadline approaches, here's a summary of the current status of trade deals and tariffs between the U.S. and its key trading partners:
Mexico
The U.S. and Mexico have agreed to extend a 90-day moratorium on tariffs for goods imported from Mexico that comply with the U.S.-Mexico-Canada Agreement (USMCA), avoiding an immediate 30% tariff increase. However, certain sectoral tariffs on cars, steel, aluminum, and copper from Mexico remain in place.
Canada
Tariffs on Canadian imports have increased beyond the previous 25% level starting July 31, 2025, after trade talks stalled. Products covered under USMCA remain exempt from the tariff hike. Earlier in February, the U.S. had imposed a 25% tariff on imports from Canada citing illicit drug flow concerns.
South Korea
The Trump administration reached agreements and framework deals with various partners, including South Korea, before the tariff deadline. However, specific details of current tariffs or trade deal status with South Korea were not elaborated.
China
President Trump signed executive orders adjusting tariffs on Chinese goods, including removing the de minimis exemption effective May 2, 2025, leading to higher duties on smaller shipments. The U.S. is continuing to implement tariffs and related investigations under Section 232 and other measures, though some tariff stacking rules have been adjusted retroactively.
India
There is no specific information in the search results regarding the current status of trade deals or tariffs between the U.S. and India after Trump's tariff deadline.
In a positive development, preliminary deals have been reached in May and June to end escalating tariffs and a cut-off of rare earth minerals between Beijing and Washington.
This update provides a snapshot of the ongoing trade negotiations and tariff adjustments between the U.S. and its trading partners. As the tariff deadline approaches, it is expected that further developments will unfold.
[1] Source: U.S. Trade Representative [2] Source: Office of the U.S. Trade Representative [3] Source: Canadian Broadcasting Corporation [4] Source: The New York Times
- The index for the US Trade and Tariff Update: July 2025 shows that while a moratorium on tariffs has been extended for goods from Mexico that comply with USMCA, certain sectoral tariffs remain, such as on cars and steel.
- In the realm of policy-and-legislation and politics, recent developments include increased tariffs on Canadian imports, beyond the previous 25% level, while tariffs on products under USMCA remain exempt.
- General news reports suggest that preliminary defi on tariffs and the cutting off of rare earth minerals have been reached between Beijing and Washington, though specific details regarding US-India trade deals and tariffs remain unclear after Trump's tariff deadline.
