Race Against the Clock: Nations Scramble to Seal Trade Deals Before Tariff Deadline Hits

Global trade enters eleventh-hour chaos as deadlines loom.

Subheader: The Art of the (Last-Minute) Deal

No tariffs were harmed in the making of these panic-driven negotiations—yet. Governments are cutting deals faster than a crypto trader dumping bags at the first sign of FUD. But let’s be real: these ‘historic agreements’ are just temporary truces before the next economic showdown.

Subheader: Paperwork Over Progress?

Bureaucrats love nothing more than a deadline-induced adrenaline rush. The real winners? Lawyers and consultants charging by the hour to ‘facilitate’ these deals—because nothing says ‘free trade’ like billable hours.

Closer: When the ink dries, will anyone remember these deals—or just the next crisis? (Spoiler: Wall Street’s already betting against them.)

Key Takeaways

• The U.S. reportedly struck trade deals with South Korea, Cambodia, and Thailand just before President Donald Trump's deadline to impose high tariffs against those countries.
  
• Trump said that the U.S. would charge a 15% import tax on products from South Korea under the deal.
  
• The U.S. is still negotiating with South Africa, which faces an Aug 1. deadline for high tariffs; China, which will see tariffs skyrocket Aug. 12; and Mexico, which received an extension of at least 90 days.
  
• The U.S. has settled on trade deals with several of its major trading partners, but is still set to raise tariffs on dozens of countries Aug. 1.
  

The tariff news is coming fast and furious as President Donald Trump's Aug. 1 deadline for double-digit tariffs on multiple countries approaches.

The WHITE House announced a whirlwind of trade deals, decisions, and updates late this week ahead of the Friday deadline for long-delayed Liberation Day tariffs on multiple countries to take effect.

Here's what changed:

Deal With South Korea

Trump said in a social media post Wednesday that the two countries have agreed to a trade deal in which the U.S. will charge a 15% import tax on goods from South Korea rather than the 25% TRUMP had previously threatened.

The country is the latest trading partner to make a preliminary agreement with the U.S. to pay a lower tariff rate than the "reciprocal" rates Trump said he WOULD impose in April. South Korea's rate is the same as the one agreed to by Japan, and lower than the 20% charged on Vietnamese imports under the new deals.

South Korea will also invest $350 billion in the U.S., buy $100 billion worth of energy products, and will not charge tariffs on U.S. goods, Trump said.

Deals With Cambodia and Thailand

The two Southeast Asian countries have agreed to trade deals of their own, Commerce Secretary Howard Lutnick said Wednesday on Fox News.

The White House has yet to announce details of those agreements. Trump had threatened both countries with tariffs of 36% if they did not reach an agreement before Aug. 1.

Mexico Buys More Time To Negotiate

Mexico has been given a reprieve of at least 90 days on a 30% tariff that was set to go into effect Friday, Trump said Thursday in a social media post.

In the meantime, the U.S. will continue to charge a 25% tariff on Mexican products, Trump said, although many things are excluded from that import tax because of an existing trade deal.

"The complexities of a Deal with Mexico are somewhat different than other Nations because of both the problems, and assets, of the Border," Trump posted on social media.

Talks Continue With South Africa

The White House was continuing talks with South Africa.

The U.S. had urged the country to sweeten a deal they had already put on the table, Bloomberg reported, citing comments from South African officials. In the absence of a deal, the U.S. is set to charge a 30% import tax on South African products.

The U.S. Has The 'Makings Of A Deal' With China

White House negotiators are nearing a deal with China, the world's second-largest economy and one of the most important trading partners of the U.S., Treasury Secretary Scott Bessent said Thursday on CNBC.

“I believe that we have the makings of a deal,” Bessent said during an interview on CNBC’s “Squawk Box.” “There are still a few technical details to be worked out on the Chinese side between us. I’m confident that it will be done, but it’s not 100% done.”

A deal with China would defuse the most contentious conflict in Trump's wide-ranging trade war, in which the U.S. briefly raised tariffs on China to 145%. China also briefly stopped crucial shipments of rare earth minerals to the U.S. Those high tariffs are set to go back into effect Aug. 12 in the absence of a deal or the extension of a trade truce that the two sides agreed to in June.

Trade Deadline Could Raise Tariffs On Numerous Countries

Aug. 1 could bring higher tariffs to products from numerous countries that have not cut preliminary deals with the U.S. Earlier in the month, Trump said he will send letters to "about 150" smaller countries notifying them that the U.S. will charge a tariff on their products in the range of 10% to 15%, Bloomberg reported earlier in July.

The sweeping and often chaotic campaign of raising tariffs is the centerpiece of Trump's effort to remake a global trading system that he says has been tilted against America. Trump has said the tariffs will revitalize U.S. manufacturing by encouraging companies to build factories here. Economists have warned that the tariffs are likely to slow the economy and push up prices for consumers as merchants pass the cost of the import taxes down the supply chain.