𝗧𝗛𝗘 𝗕𝗥𝗢𝗪𝗡𝗦𝗩𝗜𝗟𝗟𝗘 𝗢𝗕𝗦𝗘𝗥𝗩𝗘𝗥 𝗔𝗧𝗧𝗘𝗠𝗣𝗧𝗦 𝗔 𝗦𝗨𝗖𝗖𝗜𝗡𝗖𝗧, 𝗙𝗔𝗖𝗧𝗨𝗔𝗟 𝗦𝗨𝗠𝗠𝗔𝗥𝗬 𝗢𝗙 𝗪𝗛𝗔𝗧 𝗧𝗥𝗨𝗠𝗣'𝗦 𝗧𝗔𝗥𝗜𝗙𝗙𝗦 𝗛𝗔𝗩𝗘 𝗢𝗥 𝗛𝗔𝗩𝗘 𝗡𝗢𝗧 𝗔𝗖𝗖𝗢𝗠𝗣𝗟𝗜𝗦𝗛𝗘𝗗

                                                               

OK, boys and girls, here's my feeble attempt to present a succinct, factual summary of what Trump has or has not accomplished with his tariff program:

Initially, the Trump administration announced a 90-day pause on reciprocal tariffs, with a stated goal of reaching 90 trade deals in that timeframe. 

This pause began on April 9, 2025, and was set to expire on July 9, 2025. 

However, the administration only secured a few agreements by the deadline, including framework deals with China and the United Kingdom, and a trade agreement with Vietnam. As a result, the Trump administration extended the deadline for negotiations to August 1, 2025. 

Now, President Trump has announced that the U.S. will impose 30% tariffs on imports from Mexico and European Union countries starting August 1, citing border security and trade imbalances. This move expands the administration’s ongoing tariff campaign, which has rattled global markets and drawn sharp responses from key trading partners.

In separate letters shared on Truth Social, Trump informed Mexican President Claudia Sheinbaum and European Commission President Ursula von der Leyen of the new tariffs. Trump justified the decision on Mexico by pointing to ongoing fentanyl trafficking across the southern border. Although Mexico had previously received a partial exemption under the 2020 United States-Mexico-Canada Agreement (USMCA) trade agreement that replaced NAFTA, it’s unclear whether that exemption will continue.

“Mexico has helped, but it’s not enough,” Trump wrote.

The letter to von der Leyen accused the EU of unfair trade practices, arguing that persistent trade deficits required action. “We must move away from these long-term, large deficits caused by your tariffs and trade barriers,” he said.

According to U.S. Census Bureau data, Mexico remains the top U.S. trading partner this year, with major EU economies like Germany, France, Italy, and the Netherlands also ranking among the top 15.

The 30% tariffs are part of a broader wave of trade measures. Trump has notified more than a dozen countries of new tariffs set to begin August 1, following a 90-day negotiation pause introduced in April. So far, only the U.K. has reached a formal agreement with the U.S., with frameworks also announced with China and Vietnam.

J.P. Morgan analysts warn the accelerating tariff rollout may hamper growth and fuel inflation in the second half of 2025. Chief U.S. economist Michael Feroli expects the average effective U.S. tariff rate to settle between 15–18%, assuming no major rollbacks or extensions. He also noted that extensions remain a possibility if more countries strike deals before the deadline.

Among other trade actions:

Copper Tariffs: Trump has proposed a 50% tariff on copper imports, sending prices surging. Analysts expect volatility in the coming months.

Vietnam Deal: A U.S.–Vietnam agreement will raise the average tariff on Vietnamese exports to 20%, up from 3.3%, though lower than the 46% initially proposed.

Aluminum Tariffs: A surprise jump to 50% tariffs on aluminum imports has paralyzed the U.S. Midwest premium market, prompting speculation about potential exemptions.

Legal Challenges: A recent court ruling deemed tariffs under the International Emergency Economic Powers Act unlawful. If upheld, this could significantly reduce overall tariff levels, though alternative pathways remain open for new duties.

China Reprieve: A temporary U.S.–China deal reduced some tariffs for 90 days, prompting a brief market rally and raising hopes for a broader agreement.

While the administration insists these moves are necessary to protect American industry and national security, they’ve already disrupted global supply chains and complicated trade relations. Analysts say uncertainty around exemptions and enforcement may further weigh on investment and consumer prices in the coming quarters.