TLDR
- President Trump announced 35% tariffs on Canadian goods, claiming Canada had “financially retaliated” to earlier duties
- Trump promised 30% tariffs on Mexico and the European Union starting August 1st after failed negotiations
- The EU has prepared a 21-billion-euro tariff list on US goods as a retaliatory measure if no trade deal is reached
- Trump confirmed 50% copper import tariffs from August 1st, matching steel and aluminum tariff levels
- Vietnam agreed to a 20% tariff deal, lower than the originally threatened 46% rate
President Trump has announced new tariffs targeting major trading partners as negotiations continue to stall. The latest measures include 30% duties on goods from Mexico and the European Union starting August 1st.
Trump first unveiled a 35% tariff on Canadian goods over the weekend. He claimed Canada had “financially retaliated” against earlier US duties imposed on Canadian products.
BREAKING: Dow futures fall -200 points in the market’s initial reaction to President Trump’s 30% tariffs on the EU and Mexico. pic.twitter.com/1vSx74c1yb
— The Kobeissi Letter (@KobeissiLetter) July 13, 2025
The tariff announcements follow weeks of failed negotiations with major trading partners. Trump has been pushing an aggressive trade agenda since taking office in January 2025.
In a recent NBC News interview, Trump also discussed broader tariff plans. He mentioned potential 15% to 20% blanket tariffs on most trading partners, higher than current 10% levels.
The president has sent tariff letters to over 20 countries in recent weeks. These letters outline tariff rates ranging from 20% to 40% on various goods and products.
Brazil faces the highest tariff rate at 50% on its goods. This move represents Trump’s intervention in Brazil’s domestic political situation.
Copper Tariffs Target Critical Infrastructure
Trump confirmed that 50% copper import tariffs will begin August 1st. These tariffs match existing rates on steel and aluminum imports from various countries.
The copper tariffs will affect materials used in power grids and data centers. Military applications will also face these higher import costs under the new policy.
Bloomberg reported that these materials are crucial for US infrastructure projects. The tariffs could impact construction costs for critical facilities across multiple sectors.
EU Prepares Retaliatory Measures
The European Union has prepared a 21-billion-euro tariff package on US goods. Italian Foreign Minister Antonio Tajani revealed this information in a Monday newspaper interview.
Tajani stated that a second tariff package could follow if negotiations fail completely. However, he expressed confidence that progress could still be made in ongoing talks.
The EU extended its suspension of countermeasures until early August. European officials continue pushing for a negotiated settlement with the United States.
Vietnam Reaches Preliminary Agreement
Vietnam agreed to a 20% tariff rate on its goods exported to America. This represents a reduction from the originally threatened 46% tariff rate announced in April.
However, Vietnamese goods face 40% tariffs on “transshipping” activities. This targets goods that originate from other countries like China but pass through Vietnam.
Reports indicate Vietnam’s leadership was surprised by Trump’s announcement last week. The country is now seeking to negotiate an even lower tariff rate than the agreed 20%.
India is working toward a framework deal that could reduce US tariffs below 20%. The country faces increased pressure following Trump’s actions against Brazil, another BRICS member.
German Chancellor Friedrich Merz announced he would work with French President Emmanuel Macron and European Commission President Ursula von der Leyen to address the escalating trade tensions.
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