Several critical US Tariff deadlines are fast approaching, which have the potential to reshape global trade.
On 9th July, the 90-day suspension of the so called “Liberation Day tariffs” will end. Since its inception, and except for China, this pause has kept a uniform 10% global tariff. If this suspension lapses, any previously outlined country-specific rates may take effect, which include 20% for the EU, 24% for Japan, 30% for South Africa, and 46% for Vietnam.
China faces a separate timeline. While its tariffs initially started at 54% and soared to 145% during tit-for-tat trade tensions, a temporary freeze is in place until August 14th.
For the UK, the 10% tariff rate will remain unchanged as and when the tariffs resume. However, UK steel exporters face additional uncertainty. Whilst, currently paying 25%, their exemption from the 50% US Steel tariff is also set to expire on 9th July. The government is still hoping to secure an agreement for a zero tariff on steel exports.
Despite these challenges, there have been some positive developments. Following the UK’s auto industry recording its weakest May performance in over seventy years, earlier this month President Trump ratified part of the broader UK/US trade pact, allowing up to 100,000 UK-made cars to enter the U.S. annually at a reduced 10% tariff.
With multiple deadlines on the horizon, the coming weeks will be crucial for international trade, which the MultiFreight team will be monitoring with great interest.
