NEWYou now have the option to listen to articles from a reliable news source!
President Donald Trump has reiterated his stance on the August 1 deadline for finalizing a trade deal with the U.S., asserting that the deadline will not be extended and warning several key nations of potential tariff increases.
In a post on Truth Social, Trump stated, “The August first deadline is the August first deadline — it stands strong, and will not be extended. A big day for America!”
Here are the major countries that are still in negotiations with the U.S.
Canada
Trump has issued a warning to Canadian Prime Minister Mark Carney, threatening a 35% tariff if a deal is not reached. However, talks between the two parties seem to have hit a roadblock.
President Donald Trump emphasizes that the August 1 tariff deadline is non-negotiable, putting pressure on countries to finalize deals swiftly. (Aaron Schwartz/CNP/Bloomberg via Getty Images)
“We haven’t really had a lot of luck with Canada. I think Canada could be one where they’ll just pay tariffs. It’s not really a negotiation,” Trump remarked regarding the current state of negotiations with Canada.
Carney has acknowledged that negotiations have entered an “intense phase.”
According to the US Trade Representative (USTR), Canada is the third-largest importer to the U.S., with imports totaling $412.7 billion in 2024. The U.S. exported $349.4 billion to Canada in the same year.
Mexico
Trump has also issued a warning to Mexican President Claudia Sheinbaum, threatening a 30% tariff if a deal is not reached. As of now, no agreement has been reached, and details of the negotiations remain scarce.
President Donald Trump has warned Mexico of potential tariffs in a letter to Mexican President Claudia Sheinbaum. (AP Images)
In 2024, Mexico was the top source of imports for the U.S., totaling $506 billion. The U.S. exported $334 billion to Mexico in the same year, according to the USTR.
China
Treasury Secretary Scott Bessent engaged in negotiations with Chinese officials in Sweden, describing the talks as “very constructive.” However, no final agreement has been reached yet. Unlike other countries, China has until August 12 to finalize negotiations, offering them additional time for discussions.
“Nothing is agreed until we speak with President Trump,” Bessent mentioned to reporters.
Commerce Secretary Howard Lutnick suggests that the deadline for tariff negotiations with China could be extended. (Ton Molina/Bloomberg via Getty Images)
Commerce Secretary Howard Lutnick hinted that the deadline for China may be further extended beyond August 12, pending a decision from Trump.
South Korea
Trump cautioned South Korean President Lee Jae Myung about facing a 25% blanket tariff if an agreement is not reached by August 1.
Lee’s office has indicated that they are preparing a proposal, and meetings between Lutnick and Korean officials have taken place in Washington. However, there have been no updates on the progress of negotiations.
Taiwan
Although Taiwan has yet to finalize a trade deal with the Trump administration, a delegation from Taipei is currently in Washington striving to reach an agreement before August 1. Failure to secure a deal may result in a 32% tariff on Taiwanese goods.
Reports suggest that Taiwanese officials are in Washington attempting to finalize a trade deal before the August 1 deadline. (Getty Images/Reuters)
“All the relevant talks are still ongoing,” a source familiar with the negotiations stated, emphasizing the ongoing nature of discussions.
Taiwan’s cabinet released a statement outlining the objectives of the negotiations, focusing on promoting balanced bilateral trade and enhancing cooperation in various areas.
India
Trump has announced a 25% tariff on all Indian goods effective August 1, citing high tariffs, trade barriers, and India’s reliance on Russian military equipment and energy as reasons for the decision.
‘GONE TOO FAR’: GOP LAWMAKERS RALLY AROUND TRUMP AFTER MUSK RAISES EPSTEIN ALLEGATIONS
Brazil
Trump has threatened a significant 50% blanket tariff on Brazilian goods, attributing the decision to Brazil’s treatment of former President Jair Bolsonaro and comparing it to a “witch hunt.” Negotiations for exemptions to the tariffs are ongoing, but a deal before the August 1 deadline seems unlikely.
President Donald Trump links the threatened 50% tariff on Brazilian goods to the treatment of former President Jair Bolsonaro. (AP Photo/Evan Vucci and Evaristo Sa/AFP via Getty Images)
