President Donald Trump’s administration is moving forward with new taxes on imports as part of his global reset of trade relationships. The White House announced that the new tariff rates, originally scheduled for August 1, will now take effect on Thursday to allow U.S. Customs and Border Protection officials more time to prepare for collecting the duties.
In the days leading up to the original deadline, Trump secured trade deals with Japan, the European Union, and South Korea. Eleven of the top 15 trading partners of the U.S. have agreed to these broad trade deals so far.
Donald Trump shakes hands with European Commission President Ursula von der Leyen after agreeing on a trade deal between the two economies following their meeting, in Turnberry south west Scotland on July 27, 2025
Last week, Trump increased import tariffs on goods from Canada to 35%, indicating a strained relationship with America’s second-largest trading partner.
White House press secretary Karoline Leavitt criticized Canada during a press briefing on July 17, highlighting challenges in trade negotiations with the northern neighbor.
Dominic LeBlanc, Canada’s lead on U.S. trade relations, mentioned that Prime Minister Mark Carney is expected to hold discussions with President Trump in the coming days.
Temporary truces have been reached with China and Mexico as trade representatives from the U.S. continue negotiations.
So far in 2025, the U.S. has collected over $150 billion in tariff revenues, with collections surpassing $29 billion in July alone, the highest monthly total this year.
The Trump administration anticipates that tariffs could generate more than $300 billion in revenue for the federal government. However, American consumers may bear the cost as businesses pass on higher prices to mitigate the economic impact.
