By Andrew Moran
President Donald Trump has announced a growing list of bilateral trade agreements ahead of the Aug. 1 deadline.
So far, the deals unveiled by Trump have opened foreign market access to U.S. products and industries, addressed various nonmonetary trade barriers, and generated investment for U.S. companies.
Trump reiterated the benefits of tariffs, writing in a July 23 Truth Social post that “it would be impossible to get countries to open” without them.
Here are the trade agreements the White House has announced to date.
United Kingdom
Called the Economic Prosperity Deal, the U.S.–UK trade agreement was the first major deal since the president unveiled his sweeping global tariff agenda on April 2.
The reciprocal trade framework, announced on May 8, was described by the president as a “great deal for both countries.”
The main takeaway from the transatlantic arrangement was that the United States will keep its baseline universal 10 percent tariff on British exports. But UK trade officials also negotiated several exemptions.
Once the deal takes effect, the first 100,000 British vehicles exported annually to the United States will be subject to a 10 percent levy. Once British automakers exceed the quota, a 25 percent rate will be applied.
UK steel shipments will enjoy zero percent tariffs, averting the sectoral levy of 25 percent.
Aerospace components imported from the United States will face lower tariff rates.
In exchange, U.S. farmers will benefit from expanded access to the world’s sixth-largest economy, including $250 million in agricultural goods such as beef.
British farmers will be provided with a tariff-free quota of 13,000 metric tons of beef.
The White House also estimates that the United States will export about $700 million worth of tariff-free ethanol.
Agreement provisions will include enhanced cooperation on digital trade, intellectual property, pharmaceutical supply chains, and labor and environmental standards.
Overall, the U.S. Trade Representative’s Office projects that the new agreement will bolster bilateral trade, resulting in up to $5 billion in new U.S. exports for farmers, ranchers, and producers.
At the G7 summit of leading industrialized nations in Canada last month, Trump and UK Prime Minister Keir Starmer finalized the trade agreement.
“It’s a fair deal for both, and it produces a lot of jobs, a lot of income,” Trump said.
“And we have many, many other ones coming. But you see, the level of enthusiasm is very good, but the relationship that we have is fantastic.”
British Airways’ parent company, IAG, has also committed to purchasing planes worth almost $13 billion from the U.S. aerospace giant Boeing.
In 2024, the United States enjoyed a modest $11.9 billion goods trade surplus with the UK.
Vietnam
Trump unveiled a significant trade agreement with Vietnam earlier this month.
All Vietnamese goods entering the United States will be hit with a 20 percent tariff.
Without a bilateral trade deal, Vietnam would have been subject to a 46 percent blanket levy.
Vietnam will permit tariff-free access for U.S. exports, giving the United States “total access,” Trump said on Truth Social.
A key feature of the U.S.–Vietnam deal is tackling the common practice of transshipping.
Under the agreement’s terms, products manufactured in other countries and rerouted through Vietnam to the United States would incur a punitive 40 percent levy.
Vietnamese officials will implement and strengthen tools to ensure that goods are manufactured domestically and that products are not repackaged or relabeled.
Vietnam was the sixth-largest source of goods imported by the United States in 2024.
The U.S. goods trade deficit with Vietnam was $123.5 billion last year, up by more than 18 percent from 2023.
After Trump’s April 2 announcement, Vietnam was quick to reach out to the administration.
“General Secretary To Lam told me that Vietnam wants to cut their tariffs down to zero if they are able to make an agreement with the United States,” Trump wrote in an April 4 post.
“I thanked him on behalf of our country, and said I look forward to a meeting in the near future.”
However, senior administration officials had regularly contended that nonmonetary trade barriers have been the primary source of contention, citing a range of trade restrictions and transshipment problems.
Indonesia
Following through on an announcement earlier this month, the president confirmed the details of a U.S.–Indonesia trade agreement on July 22.
As part of the deal, Indonesia will reduce tariffs to zero percent on 99 percent of U.S. exports and eliminate nontariff barriers.
Conversely, Indonesian goods shipped to the United States will have a reciprocal tariff rate of 19 percent, lower than the April 2 rate of 32 percent.
Jakarta will also export precious critical minerals and purchase U.S. agriculture products, energy, and Boeing aircraft. The Indonesian government will further implement a ban on forced labor imports, remove import restrictions and licensing agreements, and terminate measures that restrict unions and collective bargaining.
Like the agreement with Vietnam, the deal will feature transshipment rules. The White House clarified that transshipped goods from Indonesia that contain high levels of content from third-party nations would face a tariff rate of 40 percent.
“This deal is a huge win for our automakers, tech companies, workers, farmers, ranchers, and manufacturers,” Trump said on Truth Social.
Last year, the U.S. goods trade deficit with Indonesia was $17.9 billion.
The Philippines
The United States and the Philippines are poised to finalize a trade agreement, Trump has confirmed.
Following a White House meeting with Philippine President Ferdinand Marcos Jr. on July 22, Trump announced that the two sides had reached a deal.
According to the president, the Philippines will open its market to U.S. goods with zero percent tariffs.
Philippine exports to the world’s largest economy will be subject to a 19 percent import duty, slightly lower than the 20 percent proposed by Trump in his letter earlier this month.
“It was a great honor to be with the president,” Trump wrote on Truth Social. “He is highly respected in his country, as he should be. He is also a very good and tough negotiator. We extend our warmest regards to the wonderful people of the Philippines!”
In 2024, the U.S. goods trade deficit with the Philippines was $4.9 billion, up by nearly 22 percent from the previous year.
Japan
During a reception with Republican members of Congress on July 22, the president said that he had signed “the largest deal in history with Japan.”
“They had their top people here, and we worked on it long and hard. And it’s a great deal for everybody,” Trump told lawmakers.
He said Japanese goods exported to the United States will be subject to a 15 percent reciprocal tariff rate.
For one of the world’s largest automakers, the agreement is crucial because the 15 percent levy also applies to automobiles and car parts, giving Tokyo a substantial competitive advantage.
The foreign automotive sector otherwise faces a 25 percent tariff rate.
Japan will also invest $550 billion in the U.S. economy, according to Trump. The United States will receive 90 percent of the profits from those investments.
A White House fact sheet highlighted that Japan will increase its purchases of rice by 75 percent and buy billions of dollars’ worth of corn, ethanol, soybeans, and sustainable aviation fuel.
It will also acquire 100 Boeing aircraft and expand its purchases of defense equipment.
Trump estimates the deal will create “hundreds of thousands of jobs.”
“There has never been anything like it. Perhaps most importantly, Japan will open their country to trade, including cars and trucks, rice and certain other agricultural products, and other things,” the president said on Truth Social.
“This is a very exciting time for the United States of America, and especially for the fact that we will continue to always have a great relationship with the Country of Japan.”
In a July 24 interview with CNBC’s “Squawk on the Street,” Commerce Secretary Howard Lutnick touted the benefits of the deal, emphasizing the $550 billion investment.
“This is literally the Japanese government itself saying to Donald Trump, ‘We will provide Donald Trump and the American people $550 billion on projects you choose, and we will give you 90 percent of the profits, America,’” Lutnick said.
Trump is working with the administration to select the projects, Lutnick noted.
The U.S. goods trade deficit with Japan was $68.5 billion in 2024.
