New trade deals
The Trump administration has announced a series of trade agreements in the aftermath of the global tariffs imposed in April 2025. The Supreme Court's invalidation of the IEEPA tariffs and the expiration of the Section 122 surcharge have created some uncertainty around the status of those agreements.
The U.S.-U.K. trade deal
The United States and the United Kingdom announced on June 16, 2025 a trade agreement and framework for further negotiations. The U.S. will maintain a 10% tariff on most U.K. imports, lower tariffs on U.K. aircraft parts and engines to zero, and allow 100,000 U.K.-made automobiles a year to face a 10% tariff instead of 27.5%. The U.K. also secured an exemption from the 50% U.S. tariff on steel and aluminum, subject to further negotiation.
The U.S.-Vietnam trade deal
The United States and Vietnam announced a trade agreement on July 2, 2025 subjecting most Vietnamese products to a 20% tariff and products transshipped from China through Vietnam to a 40% tariff. Vietnam agreed to lower its own tariffs on U.S. agricultural and industrial products and to purchase 50 Boeing aircraft.
The U.S.-Indonesia trade deal
The United States and Indonesia confirmed the outlines of a trade agreement on July 16, 2025 applying a 19% tariff on Indonesian goods while U.S. exports to Indonesia remain tariff-free. Indonesia agreed to purchase $19 billion worth of U.S. goods, including 50 Boeing aircraft, $15 billion in energy, and more than $4 billion in agricultural products. The agreement was singed on Feb. 19, 2026.
The U.S.-Philippines trade deal
The United States and the Philippines announced a trade agreement on July 22, 2025 imposing a 19% tariff on Philippine goods, with no tariffs on U.S. exports to the Philippines.
The U.S.-Japan trade deal
The United States and Japan reached a trade agreement on July 22, 2025 setting a 15% tariff on Japanese autos and auto parts entering the U.S. Japan agreed to establish a $550 billion fund for U.S. investments, with the U.S. receiving 90% of the profits, and to purchase 100 Boeing aircraft.
The U.S.-EU trade deal
The U.S. and European Union announced a trade agreement and framework on July 27, 2025 setting a 15% tariff on most EU goods entering the U.S., while U.S. industrial goods face no tariff entering the EU. The EU agreed to buy $750 billion worth of U.S. energy and invest $600 billion in the United States.
The U.S.-South Korea trade deal
The U.S. and South Korea reached a trade agreement announced July 30, 2025 and signed Oct. 29, 2025, setting a 15% tariff on South Korean goods. South Korea agreed to buy $100 billion worth of U.S. liquified natural gas and invest $350 billion in the United States.
The U.S.-Malaysia, Cambodia, and Thailand trade deals
The U.S. signed trade agreements with Malaysia and Cambodia in late Oct. 2025 and reached a framework agreement with Thailand on Oct. 26, 2025. Each country agreed to eliminate or sharply reduce tariffs on U.S. products, while the U.S. maintains a 19% tariff on most imports from all three countries.
The U.S.-Switzerland trade deal
The U.S. and Switzerland announced a trade agreement Nov. 14, 2025 cutting U.S. tariffs on Swiss goods to 15% from 39%, with Switzerland committing to invest $200 billion in the United States.
U.S. trade agreements with El Salvador, Argentina, Ecuador, Guatemala, Bangladesh, India, North Macedonia, and Taiwan
The U.S. reached trade deals or frameworks with each of these economies between Nov. 2025 and Feb. 2026, generally trading improved U.S. market access for reduced tariffs and regulatory alignment.
The India agreement lowered tariffs on Indian goods from 50% to 18% in exchange for a commitment to purchase over $500 billion in U.S. energy and technology goods, though India has since postponed further negotiations without abandoning the deal.
The Taiwan agreement lowered reciprocal tariffs on Taiwanese goods to 15% and secured over $84 billion in planned Taiwanese purchases of U.S. energy, aircraft, and power equipment.
The U.S.-Jordan trade agreement
The U.S. and Jordan signed an Agreement on Reciprocal Trade on July 21, 2026, the most recent in this series of deals.
USMCA status
Following a required joint review on July 1, 2026, the United States did not agree to renew the USMCA in its current form. The agreement remains in force while the U.S., Mexico, and Canada continue negotiations over its terms.
Sectoral tariffs, product-specific tariffs, and other tariffs
Steel and aluminum tariffs
A 25% tariff on steel and aluminum imports and derivatives was imposed on March 12, 2025 and doubled to 50% on June 4, 2025. The United Kingdom retains a preferential rate under the U.S.-U.K. trade deal, with new origin criteria added in an April 2, 2026 revision requiring steel to be melted and poured, and aluminum smelted or cast, in the U.K.. That preferential treatment is set to expire Jan. 1, 2028, after which U.K. goods revert to the standard rate.
