President Trump has announced that the White House will soon issue unilateral tariff rates to countries, stating that individual negotiations are taking too long. Letters outlining the tariffs will be sent out in the coming weeks.
This announcement follows initial tariffs issued on April 2, 2025, and a subsequent 90-day pause for trade talks. Deals have been negotiated with the UK and China, with further deals expected.
These actions are framed as efforts to hold countries accountable, support domestic manufacturing, and address trade imbalances. However, some economists view trade deficits differently. The announcement has led to retaliation from trade partners and triggered stock market reactions.
On May 8, 2025, the United Kingdom and the United States announced a limited trade agreement, rolling back a small number of the tariffs imposed by President Trump in March and April 2025. Both sides referred to this agreement as an "Economic Prosperity Deal", and negotiations on the long-awaited post-Brexit free trade agreement are expected to continue.
The US and China have agreed to slash tariffs they had imposed on each other, for 90 days. This will cut US tariffs on Chinese imports to 30%, while Chinese tariffs on US imports will be reduced to 10%.