The president imposed tariffs on Japan, one of America’s closest allies, that would have been alarming just months ago. And markets went up.

As Trump eyes an Aug. 1 deadline for countries to come to trade deals or face the tariffs that he originally announced in April, he has touted the agreements he has made in recent days — while maintaining that it would be difficult to meet with all world leaders.

That statement came some 12 hours after Trump announced an agreement Sunday with the European Union that would see a 15% tax paid on products brought into the United States from the bloc. The E.U. also agreed to spend $750 billion on energy purchases from the U.S., while investing an additional $600 billion here.

The president is set to raise taxes on imports arriving from many countries, including Canada and Mexico. That’s on top of the tariffs that the White House has already announced on specific products,

Top trade officials from China and the United States have launched a new round of talks aimed at easing tensions over tariffs.

The figures are significant because they represent a major increase from the 10% baseline tariff Trump announced in April of this year.

President Trump is seeking to raise federal revenue by imposing levies on goods from foreign nations. Here’s how the process works.

Trump’s statement comes a day after he announced a trade deal with the EU, which would see a 15 per cent tariff imposed on most European goods being exported to the U.S.

In the wake of those “Liberation Day” tariffs, financial markets took fright. On April 9 the Trump administration hit pause: the “reciprocal” tariffs were deferred until July 9 and replaced by an across-the-board 10% tariff increase, with a handful of exceptions.

President Trump said he is focused on getting food into Gaza during a meeting with British Prime Minister Keir Starmer.