British Prime Minister Keir Starmer declared at a Jaguar Land Rover factory in May that his world-leading trade deal with US President Donald Trump included a cut in US tariffs on British steel to zero.

Since July, exports from several sectors to the US have slowed as American buyers tighten orders and ask Vietnamese businesses to share the burden of the 20% reciprocal tariff.

US President Donald Trump has just signed an executive order adjusting reciprocal tariffs on 69 countries and territories, with Viet Nam’s tariff set at 20%, effective from August 7, 2025.

A planned visit by US trade negotiators to New Delhi from Aug 25-29 has been called off, a source said, delaying talks on a proposed trade agreement and dashing hopes of relief from additional US tariffs on Indian goods from Aug 27.

Fresh trade data up to June reveals that US tariffs, introduced by President Donald Trump in April under his “reciprocal” trade policy, are beginning to reshape flows between Asia and the United States, though the impact remains uneven across countries, according to a report by BMI.

Vietnamese Prime Minister Pham Minh Chinh has ordered the Ministry of Industry and Trade to continue tariff negotiations with the United States.

Economists prefer free trade because it is the best policy for global welfare. But what the debate around tariffs often fails to recognize is that there is an economic rationale for U.S. tariffs of 15 to 20 percent.

While the US's new tariff policies have placed certain Vietnamese exports under pressure, the changes are also prompting companies to rethink strategies, diversify markets, and break free from over-reliance on any single destination.

The reciprocal tariff rate for Vietnam was reduced from 46% to 20%. This change is said to cause Vietnam’s exports to the US market to decline by 9–10% in value.

Switzerland’s economy unexpectedly grew in the second quarter, maintaining some momentum before the country was hit with one of the highest US tariff rates.