No US trade deals with Mexico, China, Canada, as tariff deadline nears

Negotiations between the U.S. and China, Canada and Mexico have stalled in recent days.

Trump told Mexico and Canada he would impose a 30% and 35% duty rate on imports from their countries, respectively, if no deal is in place by Friday.

Mexico was the top U.S. trade partner in May at $74.5 billion, according to Census Bureau data. Canada ranked No. 2 for trade with the U.S. in May at $57.6 billion, and China ranked third at $27 billion.

However, imported goods covered by the United States-Mexico-Canada Agreement were expected to remain exempt from tariffs.

Trade talks between the U.S. and China have also stalled after a third round of negotiations in Stockholm with representatives from both countries ended on Tuesday without a deal.

At its highest, Trump’s tariffs on Chinese imports totaled 145% — while China countered with 125% duties on goods from the U.S. 

China and the U.S. agreed on May 12 to a 90-day truce to roll back tariffs to 30% and 10%, respectively. That pause is currently set to expire Aug. 12.

On June 27, the White House and China agreed on a trade deal framework that would reduce tariffs, along with expediting shipments of Chinese rare-earth metals to the U.S. But the deal has not been finalized.

Trump unveiled “reciprocal” import taxes on goods coming into the U.S. from more than 90 countries on April 2, the bulk of which were postponed twice.

Trump’s “reciprocal” tariffs include a 10% blanket duty rate on foreign imports worldwide, along with higher individualized duties of up to 50% for dozens of countries.

Other tariffs announced by Trump in recent months include:

• 50% tariff on steel and aluminium imports effective June 4
• 50% tariff on copper imports starting Aug. 1
• 25% tariff on foreign-made cars and imported engines and other car parts

The White House has announced framework deals with the European Union, the United Kingdom, Japan, Vietnam, Indonesia and the Philippines. Although those trade agreements have yet to be finalized, they favor the U.S. by imposing one-sided tariffs.

The Trump administration on Wednesday said it will impose a 25% tariff on goods from India, along with a penalty for buying arms and energy from Russia amid the war in Ukraine.