In recent weeks, the Trump Administration has taken a range of actions intended to significantly alter the U.S. trade landscape. Specifically, during the course of July, President Trump unveiled a series of letters to U.S. trading partners, identifying adjusted tariff rates set to take effect on August 1, 2025. Along these lines, on July 31, President Trump issued Executive Order (“EO”) 14326, formally revising the April 2 “Liberation Day” tariff rates and extending the effective date to August 7, 2025. These rates may change as Washington continues to pursue trade negotiations with the impacted countries. 

In addition, the White House announced a series of trade deals throughout the month of July and into August—securing framework agreements with the European Union, Japan, Indonesia, Pakistan, the Philippines, South Korea, and Vietnam. 

Separately, the President suspended duty-free treatment for all de minimis imports arriving in the United States, effective August 29. 

1. Tariff Updates

The following chart captures the updated ad valorem tariff rates, effective Thursday, August 7, compared to the previous tariff rates announced on or before the April 2 “Liberation Day.”[1] For countries not identified in the below chart, the base tariff rate remains 10 percent. 

Note that the chart includes only new reciprocal tariff rates announced by President Trump and does not include the earlier (i) tariffs imposed as a result of executive orders purportedly combatting the flow of fentanyl from China, Canada, and Mexico; or (ii) tariffs imposed under Section 232 of the Trade Expansion Act of 1962 (“Section 232”) or Section 301 of the Trade Act of 1974 (“Section 301”).[2]  

In many cases, the adjusted tariff rates appear lower than, or equal to, the tariff rates announced in or before April 2025. A select number of countries, as demonstrated above, face increased tariff rates. 

EO 14326 also targets importers who may attempt to avoid higher tariffs by transshipping products through a third country with a lower rate to avoid country-specific duties. If U.S. Customs and Border Protection (“CBP”) determines that an item has been transshipped, the EO directs CBP to impose a duty rate of 40 percent—instead of the country-specific rate identified in the chart above—as well as “any other applicable or appropriate fine or penalty.” 

President Trump also announced the following additional tariff measures: 

• Imports of copper. Following the U.S. Department of Commerce’s Section 232 investigation into imports of copper, President Trump issued Proclamation 10962 declaring that as of August 1, 2025, “all imports of semi-finished copper products and intensive copper derivative products, as set forth in the Annex . . . shall be subject to a 50 percent tariff.” Additional derivative copper products may later be subject to Section 232 tariff rates. Certain exceptions may apply if the products are covered by the Administration’s other tariff measures.
• Imports from Canada. Beginning August 1, 2025, per EO 14325, imports from Canada (previously subject to 25 percent tariffs as a result of executive orders purportedly combatting the flow of fentanyl) are subject to 35 percent tariffs. Goods from Canada that comply with the United States-Mexico-Canada Agreement (“USMCA”) will remain exempt from the new tariff rate.
• Imports from Mexico. Goods imported from Mexico (previously subject to 25 percent tariffs as a result of executive orders purportedly combatting the flow of fentanyl) stand to be subject to 30 percent tariffs. On July 31, President Trump announced via Truth Social that the United States and Mexico had agreed to a 90-day extension of the 25 percent tariff rate while negotiations continue.
• Imports from Brazil. In addition to the reciprocal tariff rate identified above, EO 14323 declares that, beginning August 7, 2025, certain imports from Brazil will be subject to an additional ad valorem tariff of 40 percent (for a total of 50 percent) as a consequence of the country’s ongoing prosecution of former Brazilian president Jair Bolsonaro. The EO carves out various products that will not face the additional 40 percent tariff, including, but not limited to, iron ore, coal, oil and petroleum products, batteries, and radars.
• De minimis. Effective August 29, de minimis value imports (i.e., shipments valued at $800 or less) no longer receive duty-free treatment and will be, instead, tariffed at either (i) the country-specific rate identified in the above chart or (ii) through February 2026, assessed a duty ranging from $80 to $200 per item, depending on the country-specific tariff rate. 

In addition, President Trump has suggested that further tariff measures may take effect in the near future, including the following: 

• President Trump threatened an additional 10 percent tariff on countries aligning themselves with BRICS (an intergovernmental organization composed of Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, the United Arab Emirates, Ethiopia, Indonesia, and Iran).
• President Trump threatened the imposition of up to 100 percent “secondary” tariffs on countries that purchase Russian-origin goods. Most notably, on August 6, President Trump signed an EO imposing an additional ad valorem tariff of 25 percent (bringing the total tariff on goods imported from India to 50 percent). The additional tariff measures are set to take effect on August 27. 

Separately, regarding the United States and China, the 90-day pause on heightened tariffs (which had reached 145 percent by the United States and 125 percent by China) agreed to between the two countries in May is set to expire on August 12, although negotiators from both nations reportedly agreed to pursue an extension. Should President Trump not approve of an extension, tariff rates on products imported from China may increase from the current 30 percent to 145 percent (i.e., the rate in effect before the pause).

1. Trade Negotiations and Agreements

Over the past few weeks, the United States announced a set of trade deals with the European Union, Japan, Indonesia, Pakistan, the Philippines, and South Korea—as summarized below in the order that they were announced. 

• Indonesia: On July 12, the United States and Indonesia agreed to a framework agreement under which the United States would lower the tariff on products imported from Indonesia to 19 percent, while Indonesia would “eliminate approximately 99 percent of tariff barriers for a full range of U.S. industrial and U.S. food and agricultural products exported to Indonesia.”
• Japan: On July 22, President Trump announced that Washington and Tokyo had negotiated “the largest Deal ever made.” The White House subsequently confirmed that Japan will invest $550 billion “to rebuild and expand core American industries” in exchange for a baseline tariff of 15 percent for Japanese-origin products. While the official text of the agreement has yet to be released, according to the White House, Japan will invest in key sectors, including energy infrastructure and production; semiconductor manufacturing and research; critical minerals; pharmaceutical and medical production; and commercial and defense shipbuilding. Per reports, Japan expects the $550 billion investment framework to include direct investments, loans, and loan guarantees.   Following the announcement, Ryosei Akazawa—a lead negotiator for Japan—remarked that “[i]f a third country agrees with the United States on lower rates on chips and pharmaceuticals, those lower rates would apply to Japan.”
• Philippines: On July 22, President Trump announced via Truth Social that the United States and the Philippines had “concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO tariffs.” Pursuant to the deal, the United States will impose a 19 percent tariff on products originating in the Philippines, and the two nations would bolster military cooperation.
• European Union: On July 27, following months of negotiations, the European Union and the United States agreed to a framework trade agreement, which, per the White House, will see the EU purchase $750 billion worth of U.S. energy products and invest an additional $600 billion in the United States, in exchange for a 15 percent tariff on EU-origin goods. Following the announcement, on August 4, the European Commission announced that it would suspend its tariff countermeasures for a period of six months. At press time, President Trump signaled that the deal may be in jeopardy if the $600 billion investment pledge fails to satisfy the United States, remarking that, should the European Union fail to follow through, “then they pay tariffs at 35 percent.”  
• Pakistan: On July 30, President Trump and Deputy Prime Minister and Foreign Minister of Pakistan, Ishaq Dar, confirmed that the United States and Pakistan had agreed to a trade deal. According to President Trump’s announcement, Washington and Islamabad “will work together on developing their massive Oil Reserves.”
• South Korea: On July 30, President Trump announced via Truth Social that the United States and South Korea had agreed to a trade deal which would see South Korea invest $350 billion into “investments owned and controlled by the United States, and selected by [President Trump],” purchase $100 billion of liquified natural gas and energy products, and impose no tariff on U.S.-origin items imported into South Korea. In return, the United States agreed to lower its tariff rate on South Korean-origin goods to 15 percent. According to reports, no written agreement exists between the countries to confirm the terms of the deal.  

In addition to the above, United States previously announced agreements with the United Kingdom and Vietnam (although Hanoi has yet to formally accept the terms of the announced deal), along with investment agreements with Saudi Arabia and Qatar. Most of the aforementioned announcements have not included texts of the agreements, leaving uncertainty about the details. 

1. Legal Challenges

A series of lawsuits challenging the legality of tariffs imposed by the Trump Administration under authority of IEEPA are working their way through several U.S. courts. 

As explained in a previous Blank Rome client alert, in May 2025, the U.S. Court of International Trade (“CIT”) found these IEEPA-based tariffs unlawful and issued a nationwide injunction. The matter was subsequently appealed to the U.S. Court of Appeals for the Federal Circuit (“CAFC”), which stayed the decision of the lower court—allowing the United States to continue collecting tariffs on imported goods. On July 31, 2025, the CAFC, with all judges sitting en banc, heard arguments in the case, and is expected to issue its decision in the coming months. 

Meanwhile, in Trump v. Casa, Inc., the U.S. Supreme Court held that nationwide injunctions—similar to the injunction issued in the tariff case—“likely exceed the equitable authority that Congress has given to federal courts.” In effect, the Court held that a federal court may normally only provide injunctive relief to parties who brought the lawsuit. It is not clear to what extent this would apply to the CIT, given that the CIT has nationwide and exclusive jurisdiction over most tariff matters. Consequently, it is possible, although not certain, that even if the courts find that IEEPA-based tariffs are unlawful, they may not re-institute the universal injunction. 

Given the complex constitutional and statutory challenges to President Trump’s tariffs—and the initiation of various, similar lawsuits across the country—there is a reasonable possibility that these matters will make their way to the U.S. Supreme Court.