Tax insight

President Trump advances trade agenda with updated tariffs, announces additional trade agreements

Insight
5 minute read
August 08, 2025

What happened?

Since the Trump administration’s July 7 announcement delaying implementation of reciprocal tariffs from July 9 to August 1, the United States has reached preliminary framework trade agreements with the European Union (EU), Japan, Indonesia, and the Philippines (see PwC's Tax Insights dated July 11, July 18, and July 30). Preliminary trade agreements with China and Vietnam also have been reached and a trade agreement with the United Kingdom has been finalized. Following the release of our July 30 Tax Insight, President Trump has taken additional steps, releasing executive orders, fact sheets, and presidential proclamations related to copper, new tariff rates for Brazil, suspension of the de minimis exemption, new reciprocal tariff rates, updates on Canada and Mexico trade talks, and additional tariffs for India. President Trump on July 30 also announced that a preliminary trade deal had been reached between the United States and South Korea.

In addition, President Trump has commented on agreements between the United States and Pakistan, Cambodia, and Thailand. PwC will address these potential agreements in a future Tax Insight once more details are available.

Why is it relevant?

The recent wave of executive actions marks a significant intensification of efforts to advance the administration’s trade agenda. With country-specific rates now in place for more than 60 jurisdictions and new compliance requirements affecting even low-value shipments, multinational businesses are facing a substantially more complex and costly global trade environment.

Actions to consider

Tax and trade professionals should assess the impact of these measures on existing supply chains, especially for goods sourced from countries now subject to elevated tariffs or stricter customs treatment. Businesses may need to re-evaluate country-of-origin strategies, confirm eligibility under USMCA, and consider mitigation tools, such as first-sale for export valuation, tariff engineering, bonded warehouses, or foreign-trade zones. Companies heavily reliant on de minimis thresholds may be particularly exposed and should explore alternative sourcing or restructuring options to manage potential duty increases and compliance risks. For companies that already have considered mitigation strategies, now is the time to determine whether implementing these strategies is warranted.

For more details, read the full Tax Insight linked below.