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With today’s deadline for the imposition of "reciprocal" tariffs, the Trump administration this week continued to announce more bilateral agreements, most notably one with the EU that will impose a 15% tariff on most European imports. At this point, the US has tentative trade agreements with most of its biggest trading partners. While the Trump administration sees these deals as favorable (higher tariffs on goods from these trading partners), there is generally limited detail on other aspects of these agreements (e.g., commitments to purchase US goods or make investments, reductions in non-tariff barriers), and much ongoing debate on the ultimate economic impact. Most trade with Canada and Mexico is covered by a previous trade agreement and is excepted from higher tariffs, though other trade with those nations is subject to a 25% tariff rate that will go to 35% for Canada. Discussions with China are on a separate track, and the Trump administration announced a 90-day extension to a 12 August deadline to provide a glide path for further high-level negotiations. Many other countries face an increase in tariffs to 15% or more. The imposition of these tariff increases is 7 August, which allows for more last-minute negotiating. In the background of this frenzy of negotiating were hearings in federal court on the legality of President Trump’s use of an emergency trade authority to impose these tariffs. This case likely will end up in the Supreme Court in what will be a lengthy process.

Beyond the increased tariffs for many trading partners, the Trump administration imposed a 50% tariff on copper and is readying further tariffs that will be applied to other sectors of the economy (lumber, pharmaceuticals, semiconductors, among others) and are expected to have a significant impact.

See Washington Weekly , 1 August 2025.