The vast majority of goods exported to the United States by Canada and Mexico are shielded from tariffs under the 2020 United States-Mexico-Canada Agreement that President Trump negotiated during his first term.
In a pair of executive orders, the president increased tariffs on merchandise from about 70 countries and raised the rate on products made in Canada, one of the United States’ largest trading partners, to a punitive percentage.
President Trump had threatened tariffs of 30% on goods from Mexico in a July letter, something that Mexico gets to stave off for the next three months.
China said the two sides had “in-depth, candid and constructive” discussions and agreed to work on extending a pause in tariffs beyond an Aug. 12 deadline for a trade deal for another 90 days.
The pact removes a major risk for markets and the global economy, given the transatlantic partners did $2 trillion worth of cross-border commerce in 2024.
Top trade officials from China and the United States launched a new round of talks on Monday in a bid to ease tensions over tariffs between the world’s two biggest national economies.
President Trump and European Commission President Ursula von der Leyen sought to paint the accord as “the biggest deal ever made,” but it was unclear if they were on the same page about how steel and other critical products would be affected.
U.S. revenue from customs duties this fiscal year surpassed $100 billion for the first time, highlighting the higher tariffs Trump has levied in his bid to reshape global trade flows and bring more manufacturing to the U.S.
Indiana receives the largest amount of Japanese investment per capita among all U.S. states, according to the Indiana Economic Development Corp.
Proponents said the import tax announced Monday will help rebuild the shrinking U.S. tomato industry.
President Trump has long boasted of his friendly relationship with Russian President Vladimir Putin, but Russia’s relentless onslaught against civilian areas of Ukraine wore down Trump’s patience.
The value of EU-U.S. trade in goods and services amounted to $2 trillion in 2024. Europe’s biggest exports to the U.S. are pharmaceuticals, cars, aircraft, chemicals, medical instruments and wine and spirits.
While multiple countries have received tariff letters this week, Canada—the United States’ second largest trading partner after Mexico— has become something of a foil to President Trump.
The tariff, effective Aug. 1, opens a new theater in Trump’s ongoing trade war, bringing into the fray Latin America’s largest economy, which had until now remained largely unscathed by the trade measures.
In a string of near-identical letters posted on Truth Social, his social media site, President Trump said the United States “has agreed to continue working with” each country despite large trade deficits.
President Trump provided notice of the tariffs to begin on Aug. 1 by posting letters on Truth Social that warned both countries to not retaliate by increasing their own import taxes.
The two sides continued to talk during the weekend in hopes of finalizing by Wednesday a patchwork deal that would pave the way for more comprehensive negotiations.
Vietnam is one of Indiana’s top 10 trade partners in terms of imports.
President Trump’s shifting stances on trade and tariffs have upended the planning of many companies that provide parts and equipment to big automakers.
Canada is the largest foreign supplier of steel, aluminum and uranium to the United States and has 34 critical minerals and metals that the Pentagon is eager for.
