National Economic Council Director Kevin Hassett discusses President Donald Trump’s new trade deals, the Federal Reserve and more on ‘Kudlow.’
As President Donald Trump’s sweeping tariff rates come into effect this week, there are a handful of countries that have yet to agree to a trade deal.
In the days leading up to the August deadline, Trump unveiled a wave of major trade agreements with key U.S. partners, including Japan, the United Kingdom, the European Union and South Korea.
TRUMP’S GLOBAL RESET OF TRADE RELATIONS WILL REMAIN IN THE SPOTLIGHT THIS WEEK
Nations that have not yet secured a deal, or at least outlined terms, face import duties ranging from 10% to 40%. The Trump administration has entered temporary truces with Mexico and China in order to give their trade teams time to continue negotiating.
Here’s a look at some of America’s top trading partners that have yet to finalize a deal.
India
President Donald Trump speaks with the press as he meets with Indian Prime Minister Narendra Modi in the Oval Office of the White House in Washington, DC, on Feb. 13, 2025. (Jim Watson/AFP via Getty Images / Getty Images)
On Monday, Trump said he would “substantially” raise tariffs on imported Indian goods, citing New Delhi’s continued purchase and resale of sanctioned Russian oil on the open market.
Trump argued that India’s practice of purchasing discounted Russian crude and re-selling it on the global market helps sustain Moscow’s wartime economy amid Western sanctions. The hike in duties signals a widening rift between New Delhi and Washington.
A SHADOWY FLEET OF ‘GHOST SHIPS’ IS FERRYING RUSSIAN OIL TO INDIAN PORTS
“They’re fueling the war machine, and if they’re going to do that, then I’m not going to be happy,” Trump told CNBC in an interview on Tuesday.
He added that India’s protectionist trade practices and high tariff rates were early sticking points in negotiations between Washington and New Delhi.
“India went from the highest tariffs ever. They will give us zero tariffs, and they’re going to let us go in. But that’s not good enough, because of what they’re doing with oil,” he said.
TRUMP HITS INDIA WITH 25% TARIFF OVER RUSSIA OIL PURCHASES
India, the world’s fourth-largest economy, ran a trade deficit of nearly $46 billion with the U.S. in 2024, according to data complied by the U.S. Trade Representative.
Total trade between the two countries is valued at nearly $130 billion in 2024, with U.S. exports to India worth $41 billion and imports from India at $87 billion.
Canada
Canadian Prime Minister Mark Carney greets U.S. President Donald Trump at the official welcome ceremony during the G7 Leaders’ Summit on June 16, 2025 in Kananaskis, Alberta. (Chip Somodevilla/Getty Images / Getty Images)
Trump recently raised the tariff on Canada, America’s second-largest trading partner behind Mexico, from 25% to 35%.
Earlier this year, Trump imposed 25% tariffs on Canadian steel, automobiles and other products not covered under the U.S.-Mexico-Canada Agreement. Canada retaliated and imposed $43 billion worth of its own tariffs against U.S. goods.
WHITE HOUSE SAYS CANADA HAS BEEN ‘DIFFICULT’ AS TRADE DEADLINE LOOMS
The leading categories of bilateral trade between the U.S. and Canada include energy, motor vehicles, goods related to the aerospace sector and $30 billion in agricultural products.
White House press secretary Karoline Leavitt previously singled out Ottawa during a July 17 press briefing, saying “our neighbors to the north have been pretty difficult to deal with” when asked about the ongoing trade talks.
Earlier in the week, Dominic LeBlanc, Canada’s lead on U.S. trade relations, said Prime Minister Mark Carney will likely hold talks with Trump “over the next number of days.”
Brazil
President of Brazil Lula da Silva holds a meeting at the Planalto Palace to discuss the US government’s tariffs on Brazilian products in Brasilia, Brazil, on July 30, 2025. (Ton Molina/NurPhoto/Getty Images)
Trump has imposed some of the harshest U.S. tariffs on Brazil amid a deepening standoff with President Luiz Inácio Lula da Silva over trade, energy, and the high-profile trial of former President Jair Bolsonaro.
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Brazil now faces a 50% tariff on imports, though several major categories — such as aircraft, aluminum, and select energy products — have been exempted. The move is widely seen as partly retaliatory, targeting the U.S.–Brazil trade relationship in response to Bolsonaro’s ongoing prosecution. Bolsonaro is on trial for allegedly conspiring to overturn his 2022 election defeat to Lula, which Trump has described as a “witch hunt.”
Meanwhile, Lula has denounced Trump’s tariffs as “economic blackmail,” and trade negotiations between the two countries remain stalled.
