As President Donald Trump touts major trade deals with the European Union, Japan, Vietnam and Indonesia, a vast majority of humanity is yet to sign on with the new paradigm of global trade with the United States.
What Happened: On Sunday, U.S. Commerce Secretary Howard Lutnick warned that August 1 will be the “hard deadline” for countries that haven’t yet signed a trade deal with the U.S. to start paying the tariffs.
While there have been several new trade agreements over the past couple of weeks, it is worth noting that these countries account for just over 12% of the world’s population. Several larger nations, which make up a bigger chunk of U.S. foreign trade, are yet to sign a deal.
Here are a few of the largest U.S. trading partners that are yet to sign, and are now set to face the August 1 deadline on the tariffs.
1. China
Treasury Secretary Scott Bessent held another round of talks with the nation’s third-largest trading partner in Stockholm early this week.
In 2024, the total goods trade between the U.S. and China was valued at $582 billion, according to the United States Trade Representative, making this one of the most monumental deals that is currently in the works.
Over a month ago, President Donald Trump had posted on Truth Social that he likes President Xi Jinping of China, “always have, and always will,” he said, adding that “he is very tough, and extremely hard to make a deal with!”
2. Mexico & Canada
Two of the largest trading partners of the United States, talks have continued with both nations in recent weeks, with no conclusion in sight.
Last week, Trump said, “We haven't really had a lot of luck with Canada,” and suggested the country may simply be forced to pay a 35% tariff.
Canadian Prime Minister Mark Carney had said previously that his country “will not accept a bad deal” or be rushed into an agreement.
With Mexico, Trump has cited fentanyl trafficking as the basis for a threatened 30% tariff. Earlier this year, a 25% tariff was already imposed. Mexico remains the largest source of U.S. imports, totaling nearly $506 billion in 2024, while U.S. exports reached $334 billion.
3. India
A deal with India also appears distant. When asked on Tuesday whether an agreement had been finalized, Trump replied, “No, it's not,” according to a report by Reuters.
India was already hit with a 26% tariff in April, and Trump is now threatening a 25% rate. U.S.-India trade totaled around $130 billion last year, according to the U.S. Trade Representative data.
4. Taiwan
After being hit with a 32% tariff in April, Taiwan continues to reel from uncertainty, as officials in Taipei reportedly fear they could be excluded from any deal if Trump prioritizes China, according to a report by The Hill.
A source reportedly told The Hill that the country is “actively contemplating the prospect of a new go-it-alone era, where Taipei can no longer count on support from the White House.” In 2024, U.S. imports from Taiwan totaled $116 billion, and exports at $42 billion, according to the USTR.
5. Brazil
Brazil has been threatened with a 50% tariff, with Trump linking the move to the prosecution of former President Jair Bolsonaro, which he referred to as “a Witch Hunt that should end IMMEDIATELY.”
Brazil was already hit with a 10% tariff in April. U.S. imports from Brazil totaled over $42 billion in 2024, while exports to Brazil reached nearly $50 billion.
6. Switzerland
Swiss President Karin Keller-Sutter said in July that both sides were nearing an agreement to secure a trade deal soon, after having been hit with a 31% tariff in April.
The nation ranks among the Top 20 U.S. trading partners, with imports from Switzerland totaling $63 billion in 2024 and exports at $25 billion.
7. Thailand
Thailand is back at the negotiating table following a ceasefire with Cambodia. Trump said he instructed his trade team to restart talks. Thailand was hit with a 36% tariff in April, and its acting prime minister said Trump promised a "very good" outcome during discussions.
The Southeast Asian country ranks high on the list of U.S. trading partners, with the total goods trade between the nations at $81 billion in 2024.
Why It Matters: Trump has just warned India of 25% tariffs as trade talks stall ahead of the August 1 deadline, without any finalized agreements in place.
Sen. Lindsey Graham (R-S.C.) had previously said previously hinted at a different strategy for the BRICS nations, which includes India. This would involve a 100% tariff on China, India and Brazil for buying Russian oil.
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