Current tariff overview:
Country/Coverage  Tariff  Date active  Broad exemptions
Mexico 25% 4 March  Imports under USMCA
Canada 25% 4 March  Imports under USMCA
China 30% 14 May Product exemptions
China, De minimis shipments (under USD 800) 54% of their value or USD 100 per item 2 May  
Reciprocal - Universal 10% 5 April Product exemptions
Reciprocal - EU 20% July Product exemptions
Reciprocal - Other countries 11%-50% July Product exemptions
Steel & aluminium 50% 4 June Specific exemptions
Automotive 25% 3 April TBD
Pharmaceuticals TBD TBD  
Semiconductors TBD TBD  
Aircraft and parts TBD TBD  
US tariff deadline nears: Narrowed trade focus, looming letters

As the 9 July deadline for President Trump’s 90-day tariff pause approaches, the administration is shifting from broad ambitions to a more targeted strategy. The original goal of securing 90 trade deals in 90 days has been quietly scaled back to about 10 to 12 key agreements, while smaller trading partners are likely to receive tariff rate letters without formal contracts.

Trump has confirmed that he does not plan to extend the pause beyond 9 July. Letters setting tariff rates, ranging from 10% to 50% or more, are expected to be sent out soon. The UK remains the main partner to have announced a framework agreement so far. 

  • Vietnam: Trump announced a deal with Vietnam where US goods will enter duty-free, while most Vietnamese exports will face a 20% tariff (down from 46% previously announced). Goods transhipped through Vietnam will be subject to a 40% levy.
  • Japan: Talks remain stuck over US demands for rice market access. Trump has cast doubt on a deal and signalled that Japan will likely receive a tariff rate letter.
  • EU: The EU has reportedly accepted a 10% tariff on many exports as a stopgap while pushing for sector-specific relief on autos, steel, and aluminium. 
  • Canada: Canada withdrew its planned digital services tax on US tech firms just before it was to take effect, seen as a tactical step to restart negotiations.

The White House is focusing on priority deals with key partners, while most nations will face assigned tariffs without the benefit of detailed negotiations. While Trump insists on the 9 July deadline, officials like Treasury Secretary Bessent suggest talks could stretch toward Labor Day for countries negotiating in “good faith.”

Senate passes “one big beautiful bill”

President Trump’s major tax and spending legislation — the one big beautiful bill — cleared Congress and is set to be signed into law on 4 July at the White House.

  • The bill makes corporate tax cuts permanent, lowers the corporate tax rate to 21%, and expands deductions for higher-income households.
  • It slashes funding for Medicaid and food assistance programs, raising concerns about impacts on vulnerable groups.
  • Clean energy provisions saw last-minute adjustments: the proposed excise tax on wind and solar projects was removed due to interventions from key Republican senators.
Renewable energy impact

Swedish companies in the Energy sector should be aware that, despite the removal of the solar/wind tax:

The bill still phases out clean energy tax credits for projects that begin after 2026.

Projects that start construction within 12 months of enactment can qualify for full credits, but beyond that, they face tight deadlines (must enter service by 2027).

Industry groups warn that this could halt many planned projects, raise utility costs, and result in the loss of thousands of jobs, even in Republican-led states with large clean energy sectors.

 Although many of the bill’s proposed new policies primarily concern domestic US issues, several measures could impact Swedish firms active in the US market. The phaseout of clean energy tax credits and reduced federal support for renewables may slow the pace of new wind and solar projects.

This could delay investment decisions and increase market uncertainty, affecting Swedish suppliers of renewable technologies, components, and services that depend on a steady pipeline of US clean energy projects. However, it also creates renewed opportunities for providers to the conventional energy sector, as the increasing energy requirements still need to be met.

What to watch this week
  • Tariff letters: The US may begin issuing letters this week setting new tariff rates for countries without existing trade agreements.
  • Negotiations with key partners: Will any of the major trading partners (Mexico, China, EU, Canada or Japan) secure more detailed agreements before 9 July? Or will there be any further deadline extensions beyond 9 July?
  • Watch for the bill’s signing: President Trump is expected to sign the “one big beautiful bill” on 4 July since it has now received final approval in Congress.
  • Section 232 investigations: National security reviews into copper, timber, pharmaceuticals, semiconductors, and critical minerals could trigger further tariff actions soon.
Get in touch

Business Sweden has extensive experience in tariff scenario analyses, localisation evaluations, and supplier assessments. If you need support in assessing your supply chain or navigating the impact of these tariffs on your US operations, please contact Johan Karlberg or Peter Ekdahl.

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