The clock is ticking down as U.S. trading partners rush to secure deals ahead of the looming August 1 deadline.
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According to CNBC’s Megan Cassella, seven countries have reached framework deals with a tariff rate between 10% and 20%, while over 50 countries will receive reciprocal tariffs between 11% and 50%. The remaining countries will likely receive a baseline tariff between 15% and 20%. Pivotal trading partner China is still in talks with the U.S. and currently has a 30% tariff level.
“Now the tide has completely turned, and America has successfully countered this onslaught of Tariffs used against it,” Trump said on Truth Social.
U.S. Reaches Trade Deal with South Korea
South Korea is the most recent country to strike a deal with the U.S. Yesterday, President Trump announced that the country would be subject to a 15% tariff, down from 25%, while U.S. exports to South Korea will not be subject to tariffs. In addition, South Korea has agreed to invest $350 billion in the U.S. and purchase $100 billion of liquefied natural gas or other energy products.
Within the next two weeks, South Korean President Lee Jae Myung will visit the White House and announce a “large sum of money” for South Korean investment purposes in the U.S.
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