Trump's Tariff Blitz: Deals, Threats & a $100B EU Counterattack!

Trump's Trade War Intensifies: A Barrage of Tariffs Looms

President Trump is aggressively reshaping global trade, announcing new deals while simultaneously threatening major tariffs. The European Union is digging in its heels, preparing a massive counterattack if a trade agreement isn't reached by August 1st.

Bloomberg News reports the European Commission is poised to unleash 30% tariffs on over $100 billion worth of US goods. This includes combining $24 billion in already approved tariffs with a proposed $83 billion list, targeting everything from American whiskey and cars to Boeing airplanes.

Deals with Japan, Philippines, and Indonesia

Amidst the escalating tensions with the EU, President Trump has finalized a significant deal with Japan. "I just signed the largest deal in history with Japan," Trump declared, stating the agreement includes a 15% tariff on imported goods from Japan, and the country will invest $550 billion into the US.

The US has also struck trade deals with the Philippines and Indonesia. Imports from the Philippines will face a 19% tariff, while Indonesian goods will face a 19% tariff, with a 40% rate on "transhipped" goods. US officials claim that “99%” of US imports will be exempt from taxes.

Larger Deals in Doubt: India, EU, and Canada

Despite these agreements, prospects for larger trade pacts with India, the EU, and Canada appear increasingly uncertain. Trump has threatened tariffs ranging from 25% to 35% on these major trade partners.

Letters to 150+ Countries: Blanket Tariffs on the Horizon?

Trump plans to send letters to over 150 smaller US trade partners, outlining blanket tariff rates. He has already sent letters to over 20 trade partners, detailing tariffs on goods imported from their countries. Treasury Secretary Scott Bessent anticipates further developments in these negotiations.