Trump tariff deadline set for Aug.1. What we know

President Donald Trump is set to impose tariffs on dozens of countries on Aug. 1, including top trade partners Canada, Mexico, Japan, and the European Union. 

The implementation of the tariffs would substantially raise prices on consumer goods ranging from coffee to clothing. Here’s what you need to know.

News of the tariff deadline comes after Trump announced a major deal with Japan, which includes a $550 billion Japanese investment in the U.S. FOX Business reported that the deal also sets a 15% tariff on Japanese imports. Trump also placed a 19% tariff on exports from the Philippines and U.S. goods shipped to the country will not be charged a tariff. 

Trump Aug. 1 tariff deadline 

Why you should care:

President Donald Trump sent letters earlier this month to roughly two dozen countries — including Japan — telling them to expect 30% tariffs starting Aug. 1 unless they strike deals before then to resolve what the president views as unfair trade practices.

RELATED: Trump tells Walmart: ‘Eat the tariffs’

Some of these tariffs include a 50% tariff on Brazil, a 35% tariff on Canada, a 30% tariff on the EU and Mexico, and 25% tariffs on Japan and South Korea. Each of these countries are some of the top exporters of goods to the U.S.

Price increases because of the tariffs could affect consumer products like appliances, shoes, and coffee. And his proposed tariffs on copper may inflict prices for goods like electric cars and home furnishings. 

RELATED: Trump imposes 25% tariff on imported cars: 'This is permanent'

According to analysis from the Yale Budget Lab, tariffs implemented by Trump so far are expected to cost the average U.S. household an extra $2,400 in 2025. 

Trump’s tariff mandate occurred near the end of a 90-day pause on most of the sweeping "reciprocal" tariffs he unveiled against dozens of countries on "Liberation Day" in April. 

A look back at Trump’s tariff plan

Timeline:

President Donald Trump’s tariff initiative started in February after he signed an executive order to impose 10% tariffs on China and 25% tariffs on both Mexico and Canada. FOX Business reported that Trump’s order cited a national emergency over fentanyl smuggling and illegal immigration. Later, Trump announced a 30-day pause on 25% tariffs on Mexico and Canada, and 10% tariffs on all Chinese imports. And on Feb. 10, Trump revealed a plan to place a 25% tariff on steel and aluminum imports. 

On March 4, Trump imposed an additional 10% tariff on Chinese goods, bringing the levy up to 20%. And he later granted a 30-day exemption on goods from Mexico and Canada. A week later on March 12, Trump imposed 25% tariffs on steel and aluminum.

Trump enforced a 25% tariff on foreign-made cars and a 10% universal tariff on nearly all countries in April. And after his "reciprocal tariffs "took effect on April 9, Trump later issued a 90-day pause on those duties, except for China. Trump raised tariffs on Chinese goods from 104% to 145%, which was the highest rate to date in 2025.

The following month, on May 8, the U.S. and Beijing agreed to scale back tariffs for 90 days while their trade negotiators met in Geneva. FOX Business reported that the U.S. brought tariffs from 145% down to 30%. Meanwhile, China dropped its 125% tariffs on U.S. goods to 10%, and weeks later on May 23, Trump threatened to impose a 25% tariff on all Apple products if the tech titan does not agree to make its iPhones in the U.S.

Tariffs on steel and aluminum doubled to 50% on June 4 which followed a White House announcement that it would extend the reciprocal tariffs pause from July 9 to Aug. 1.  And on July 10, Trump said in a Truth Social post that he would impose a 35% tariff on Canada due to Ottawa's failure to stop the flow of fentanyl into the U.S.