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Trade relations in President Donald Trump’s global reset will be in the spotlight this week as his administration moves forward by expanding new taxes on imports.
The White House said last week that the new tariff rate, originally scheduled to take effect on August 1, will come into effect Thursday to give U.S. customs and border officials additional time to prepare to collect duties.
Where Trump’s tariffs stand now and the winding road led here
Until the August 1 deadline, Trump announced trade agreements with Japan, the European Union and South Korea. So far, 11 of the top 15 trading partners in the US have agreed to a wide range of trade transactions.
Donald Trump shakes hands with European Commission President Ursula von del Reyen on July 27, 2025 in Turnberry Southwest Scotland after agreeing to a trade agreement between the two economies after the meeting
Last week, Trump raised import duties on goods from Canada to 35%, showing expansion with America’s second-largest trading partner.
White House press chief Karoline Leavitt, singled out Ottawa during a July 17 press conference, saying “North neighbors are “quite difficult to deal with” when asked about the ongoing trade talks.
The White House says Canada was “difficult” as trade deadlines approach
Speaking to CBS News on Sunday, Dominic LeBlanc, whose Canada leads US trade ties, said Prime Minister Mark Carney is likely to hold talks with President Trump “for the next few days.”
Meanwhile, the US has attacked China, Mexico and temporary trak as trade representatives continue to negotiate.
Trump announces trade agreement with the European Union
So far, the US has collected more than $150 billion in tariff revenue, according to Treasury data. In July alone, the collection totaled over $29 billion in 2025, a monthly high of 29 billion.
Trump administration officials, including Treasury Secretary Scott Bescent, have previously said tariffs could generate more than $300 billion in revenue for the federal government.
American consumers often pay tariffs as US businesses pass on higher prices to offset the financial burden.
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Amanda covers the intersection of business and geopolitics at Fox News Digital.
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