With just two days remaining until President Donald Trump’s August 1 tariff deadline, the U.S. has yet to finalize new trade agreements with three of its largest trading partners—Mexico, Canada, and China.
Trump confirmed Wednesday that there would be no extension of the looming deadline for his sweeping “reciprocal” tariffs, which are set to apply to dozens of countries doing business with the U.S.
“THE AUGUST FIRST DEADLINE IS THE AUGUST FIRST DEADLINE — IT STANDS STRONG, AND WILL NOT BE EXTENDED. A BIG DAY FOR AMERICA!!!” Trump wrote on Truth Social.
The president reiterated Monday that any country lacking a finalized deal with the U.S. would face baseline tariff rates of 15% and 20%, while Mexico and Canada specifically could be hit with duties of 30% and 35%, respectively.
Negotiations with all three countries have reportedly stalled in recent days, casting doubt on the likelihood of a resolution before Friday. Despite this, imports covered under the United States-Mexico-Canada Agreement (USMCA) are expected to remain exempt from the new tariffs.
According to U.S. Census Bureau data, Mexico topped the list of U.S. trade partners in May with $74.5 billion in bilateral trade, followed by Canada at $57.6 billion and China at $27 billion.
Talks with China have also hit a wall after a third round of negotiations in Stockholm concluded Tuesday without a deal. While both sides had agreed in May to a 90-day tariff rollback truce—reducing duties to 30% for U.S. imports from China and 10% for Chinese imports from the U.S.—that temporary agreement is set to expire on August 12.
Although a tentative framework was reached on June 27 to lower tariffs and expedite Chinese rare-earth exports to the U.S., that agreement remains unratified.
Trump first announced his “reciprocal” tariff plan on April 2, imposing a 10% universal import duty on goods from more than 90 countries, with individualized rates as high as 50% for specific nations. While many of those duties were postponed twice, the White House has made clear there will be no further delays.
Recent tariff measures also include:
- 50% tariff on steel and aluminum imports (effective June 4)
- 50% tariff on copper (effective August 1)
- 25% tariff on foreign-made cars, engines, and parts
While trade frameworks have been announced with the European Union, United Kingdom, Japan, Vietnam, Indonesia, and the Philippines, none have been finalized. These proposed agreements are structured to favor the U.S. with one-sided tariff terms, further underscoring the administration’s hardline approach.
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