With President Trump focused on the Israel-Iran conflict and other global geopolitical tensions recently, his attention will surely be shifting back to trade tariffs, as some key deadlines are fast approaching.

On July 9th, the 90-day pause on the “Liberation Day tariffs” is set to expire. This pause has kept global tariffs, excluding China, at a 10% rate, after Trump initially outlined a comprehensive list of penalty tariffs per country.

These tariffs ranged from 20% on the European Union to as high as 46% on Vietnam, with Japan and South Africa at 24% and 30%, respectively. China, initially pegged at 54%, saw tariffs soar to 145% during the trade war escalation, but a temporary suspension is in place until August 14th.

For the UK, the base tariff will remain at 10%, with no changes expected if and when the “Liberation Day tariffs” take effect. However, a separate issue looms for UK steel exporters, who have been granted temporary relief from the US’s 50% steel tariffs.

This exemption is also set to expire on July 9th unless a new agreement is reached. While the UK government remains hopeful for a full tariff removal, nothing was confirmed when Trump ratified other parts of the trade pact this month.

At the time, Trump ratified an agreement to allow up to 100,000 UK-made cars to enter the US market with a reduced 10% tariff. This followed Britain’s automobile sector recording its weakest May for more than seventy years.

With multiple deadlines approaching, the next few weeks are set to be pivotal for global trade. As ever, the team at Atlantic Pacific will be keeping a close eye on developments.