President Donald Trump said on Tuesday that the United States would initially place a "small tariff" on pharmaceutical imports before hiking it to 150% within 18 months and eventually to 250% in an effort to boost domestic production.

The European Union still expects turbulence in trade relations with Washington, but it believes it has a good insurance policy thanks to a framework deal that covers most goods it exports to the U.S. by a maximum 15% tariff, an EU official said.

Currently, the EU accounts for around 40 per cent of Việt Nam's total coffee exports, making it the country's largest consumer.

While there are no clear winners, Laos and Myanmar can be considered losers under a US policy that is shaking up global supply chains, as manufacturers in those countries are subject to a steep 40 percent US import duty.

South Korea and the United States have reached a tariff deal, but talks on a formal agreement have yet to start.

Thailand has accepted US conditions and pledged stricter measures to combat origin fraud, proposing to raise the Regional Value Content (RVC) threshold from the typical 40% to around 50% to ensure products genuinely originate in Thailand.

The US trade deficit narrowed in June on a sharp drop in consumer goods imports, and the trade gap with China shrank to its lowest in more than 21 years, the latest evidence of the imprint on global commerce President Donald Trump is making with sweeping tariffs on imported goods.

U.S. President Donald Trump raised the tariffs on Canadian goods to 35% last week, but a key exemption for Canada and Mexico shields the vast majority of goods from the punishing duties.

Prime Minister Mark Carney suggested he’s unlikely to add additional retaliatory tariffs on U.S. goods, but he is trying to help affected companies develop new products and find new buyers.

Vietnam surpassed Thailand to become the world’s second largest rice exporter in the first half of 2025, behind only India, according to the Thai Rice Exporters Association.