Tariff Talk

Have you read The Art of the Deal? With that in mind, the current deadline for trade agreements—intended to avoid or minimize reciprocal tariffs—is August 1. That’s still over two weeks away, and a lot can (and likely will) happen in the meantime. While it adds palpitations to planning and chaos to customs processing, change is inevitable, and the related terms and conditions still need to be finalized and communicated to the trade community.

As we approach the extended pause in country-by-country rates from the April 2 deadline, President Trump and the administration remain actively engaged—negotiating, issuing formal letters, and posting frequent updates across social media. Alerts were sent daily last week (except Wednesday), with weekend announcements targeting some of our closest partners in North America and Europe. Citing stalled negotiations, these letters act as formal notice: unless an agreement is reached before August 1, new tariff rates will go into effect.

The past week alone has brought a lot to digest. Meetings with key trading partners are likely underway, but with cautious optimism, here is a recap of the most recent tariff announcements, all tied to the potential August 1 implementation:

July 7 – Myanmar and Laos: 40%; Cambodia and Thailand: 36%; Bangladesh and Serbia: 35%; Indonesia: 32%; Bosnia and Herzegovina and South Africa: 30%; and Japan, Kazakhstan, Malaysia, South Korea, and Tunisia: 25%.

July 9 – Libya, Iraq, Algeria, and Sri Lanka: 30%; Moldova and Brunei: 25%; and the Philippines: 20%.

July 10 – Brazil: 50%.

July 11 – Canada: 35%.

July 12 – Mexico and the EU (member countries): 30%.

As July winds down, OCEANAIR will continue to closely monitor tariff developments and keep our clients informed through real-time email updates and post alerts.