The Big Story 

President Trump is set to hit several major U.S. trading partners with steep tariffs if they don’t agree to new trade terms before an Aug. 1. deadline.

© AP

Trump suggested Monday that any nation that refuses to strike a deal with the U.S. would face a tariff between 15 and 20 percent.

“We’re going to be setting a tariff for essentially the rest of the world, and that’s what they’re going to pay if they want to do business in the United States. Because you can’t sit down and do 200 deals. But we made the big ones,” he said.

Here are some of the top trading partners that have not struck deals with the U.S.

China: Treasury Secretary Scott Bessent and his Chinese counterparts held talks this week in China and Stockholm this week, which marked the third round of talks between the two nations. The talks led to another possible extension in the trade deal that was announced in May, without details about the timing of that extension.

Canada: Negotiations between the Trump administration and Canada have stalled, Trump said last week.

“We haven’t really had a lot of luck with Canada. I think Canada could be one where they’ll just pay tariffs. It’s not really a negotiation,” Trump said on Friday.

Mexico: The president also threatened to impose a 30 percent tariff on goods from Mexico in a letter, citing the flow of fentanyl across the southern border that was the original basis for a 25 percent tariff he imposed on Mexican goods earlier this year.

Read more here.

Welcome to The Hill’s Business & Economy newsletter, I’m Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.

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