Trump Tariff Tracker -- July 23

We are one week away from the re-imposition of the country specific reciprocal tariffs and U.S. trading partners continue to jockey for trade deals with the U.S. government. The latest victor in this race is Japan. The Trump Administration announced that it has struck a trade deal with Japan. Under the reported terms of the deal, tariffs on Japan's auto sector will be cut to 15%, and the country specific tariffs that will come into effect on other Japanese goods on August 1 will also be cut to 15% from 25%. President Trump has also announced trade deals that will lower the country specific tariff rates for Indonesia and the Philippines.

Other trading partners are struggling with reaching a deal with the U.S., while preparing for the impending U.S. tariffs. The EU has threatened to impose nearly €100 billion worth of tariffs on U.S. imports, ranging from bourbon to Boeing aircraft, if the U.S. and EU do not agree on a trade deal by the end of next week.