On Sept. 15, China found that Nvidia's (NVDA -1.71%) 2020 acquisition of Mellanox Technologies violated its anti-monopoly laws but did not announce penalties on the company.
New trade deals
The Trump administration has announced trade agreements with the United Kingdom and Vietnam, alongside China, that enable these countries to avoid the steepest reciprocal tariffs introduced in April.
The U.S.-U.K. trade deal
The United States and the United Kingdom announced on June 16 a trade agreement and framework for further negotiations. Under the agreement, the United States will maintain a 10% tariff on most imports from the U.K., will lower tariffs on aircraft parts and engines from the U.K. to zero, and provide for an annual quota of 100,000 automobiles made in the U.K. to face a 10% tariff versus a 27.5% duty. The U.K. also secured an exemption from the 50% U.S. tariff on steel and aluminum, although those measures remain subject to further negotiation.
The U.S.-Vietnam trade deal
The United States and Vietnam announced on July 2 a trade agreement that subjects most Vietnamese products to a 20% tariff and products transshipped from China through Vietnam to the U.S. to a 40% tariff. Some Vietnamese products will be exempt from tariffs.
There are no details on how the United States will determine whether a product from Vietnam has been transshipped through China. The Trump administration has expressed concern that China is using third countries as platforms for product assembly and export to the United States in order to evade duties.
Vietnam was initially threatened with a 46% reciprocal tariff rate.
Vietnam has agreed to lower its tariffs on U.S. agricultural and industrial products. The two countries have also agreed to address other trade barriers, including Vietnam's acceptance of U.S. motor vehicle safety and emission standards, as well as medical device import licensing and regulatory requirements for U.S. pharmaceuticals.
Vietnam also agreed to purchase 50 Boeing aircraft.
The U.S.-Indonesia trade deal
The United States and Indonesia confirmed on July 16 the outlines of a trade agreement, under which the United States would apply a 19% tariff on Indonesian goods, while U.S. exports to Indonesia would be tariff-free. Indonesia has agreed to purchase $19 billion worth of U.S. goods, including 50 Boeing (BA -3.13%) aircraft, $15 billion in energy, and over $4 billion in agricultural products.
The Trump administration had threatened Indonesia with a 32% tariff, effective Aug. 1. Indonesia had an $18 billion trade surplus with the United States in 2024.
The U.S.-Philippines trade deal
The United States announced a trade agreement with the Philippines on July 22 that imposes a 19% tariff on goods from that country. U.S. exports to the Philippines will face no tariffs under the agreement. Further details have not been released. The Trump administration had threatened the Philippines with a 20% tariff rate, effective Aug. 1.
The U.S.-Japan trade deal
On July 22, the United States reached a trade agreement with Japan under which Japanese goods, including automobiles and auto parts, will face a 15% tariff when entering the United States. Japan will establish a $550 billion fund for investments in the United States, with the United States receiving 90% of the profits. Additional details on how the investment fund would operate have not been released.
Separate from the investment fund, Japan agreed to purchase 100 aircraft from Boeing, buy 75% more rice, increase agricultural and defense spending with U.S. companies, and engage in a liquified natural gas pipeline project in Alaska.
Japan also agreed to approve U.S. automotive standards and lift unspecified restrictions on U.S. auto and truck imports.
Japan secured a commitment from the United States that it would receive the lowest tariff rate on sectoral tariffs.
The U.S.-EU trade deal
The U.S. and European Union (EU) announced a trade agreement and framework for further negotiations on July 27, under which most EU goods will face a 15% tariff when entering the United States, while U.S. industrial goods exported to the EU will face no tariffs, and seafood and agricultural products will receive preferential tariff rates.
The United States will apply the lower of its Most Favored Nation (MFN) tariff rate or a 15% tariff to the following products from the EU: unavailable natural resources, aircraft and aircraft parts, and generic pharmaceuticals, as well as their ingredients and chemical precursors.
The U.S. has also agreed to cap its applied tariffs on EU-origin pharmaceuticals, semiconductors, and lumber at 15%.
Once the EU introduces legislation for tariff reductions, the U.S. will cut Section 232 tariffs on EU autos and auto parts as follows:
- No Section 232 tariffs if MFN tariff is less than or equal to 15%.
- If the MFN tariff is greater than 15%, the total tariff (MFN + Section 232) will be set at 15%.
The U.S. and EU will explore cooperation on steel, aluminum, and derivatives to prevent overcapacity and secure supply chains, possibly through tariff-rate quotas.
The EU also agreed to buy $750 worth of U.S. energy, invest $600 billion in the United States, and procure additional military equipment from the U.S.
The two economies agreed to discuss reducing non-tariff barriers, including those that relate to auto safety standards and agricultural trade.
The U.S.-South Korea trade deal
On July 30, President Trump announced a trade agreement with South Korea that would subject South Korean goods to a 15% tariff, which would not stack with existing automobile and parts duties. The deal includes a commitment from South Korea to buy $100 billion worth of liquified natural gas from the United States and to invest $350 billion in the United States. The deal was signed on Oct. 29.
The U.S.-Malaysia trade deal
The U.S. and Malaysia signed a trade agreement in late October under which Malaysia will reduce or eliminate tariffs on almost all U.S. products, while U.S. tariffs on goods from Malaysia will remain at 19%.
The agreement includes commitments to cooperate on rare-earth and critical minerals supply chains, including a pledge from Malaysia not to ban or impose quotas on exports to the U.S.
Malaysia also agreed not to impose discriminatory digital services taxes that would target U.S.
The two sides agreed to coordinate on export controls and investment screening.
Malaysia will also seek to accept U.S. automobile safety and emissions standards and undertake other regulatory streamlining to facilitate the import of U.S. products.
The U.S.-Cambodia trade deal
The U.S. and Cambodia signed a trade agreement on Oct. 26 through which Cambodia will eliminate tariffs on all U.S. products, while the U.S. will keep a 19% tariff on nearly all products from Cambodia.
Cambodia agreed to address its lack of recognition of U.S. motor vehicle safety and emissions standards and will work to align its regulatory requirements with those of the U.S. in areas such as medical devices, pharmaceuticals, and other relevant sectors. It also agreed not to impose a digital services tax that would target U.S. companies.
The two countries agreed to cooperate on enhancing supply chain resilience, addressing export controls and duty evasion, and combating unfair trade policies from third countries.
The U.S.-Thailand trade deal
On Oct. 26, the U.S. and Thailand reached an agreement for a framework for a trade agreement under which Thailand will eliminate tariffs on 99% of U.S. products while the U.S. will maintain a 19% tariff on imports from Thailand.
Thailand will work to accept U.S. motor vehicle safety and emission standards and align regulations in other areas, including medical devices, pharmaceuticals, ethanol, and agriculture to facilitate U.S. imports. Thailand has also committed to not implementing digital services taxes that would discriminate against U.S. companies.
The U.S. and Thailand pledged to cooperate on economic security, including supply chain resilience, export controls, investment screening, and duty evasion.
The U.S.-Switzerland trade deal
On Nov. 14, the U.S. and Switzerland announced a trade agreement that would cut U.S. tariffs on Swiss goods to 15%, from 39%. The agreement caps U.S. tariffs on Swiss semiconductors and pharmaceuticals at 15%.
Under the agreement, Switzerland will invest $200 billion into the U.S., including in the pharmaceutical and gold sectors. It has also agreed to purchase Boeing aircraft.
U.S. trade agreements with El Salvador, Argentina, Ecuador, and Guatemala
The U.S. reached trade deals with El Salvador, Argentina, Ecuador, and Guatemala on Nov. 13.
El Salvador will streamline regulatory approvals for U.S. exports and reduce restrictions on agricultural products. Argentina will offer preferential access for a wide range of goods and strengthen its intellectual property regime. Guatemala will support digital trade, protect labor rights, and combat the importation of goods made with forced labor. Ecuador will enhance environmental protections, improve forest governance, and cut tariffs on numerous agricultural and consumer goods
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 and will be doubled to 50% on June 4. There are no product exclusions, and agreements previously struck between the U.S. and major exporting countries for exemptions will be terminated.
