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US Trade Negotiations

The TIPS tracker on US trade negotiations summarises key trends in outcomes and the US posture. It will be updated briefly every quarter, with the first update in January 2026 unless major developments warrant an earlier issue.

Since the Trump administration came to power, the US has sought fundamental changes in the international tariff regime. To that end, in April it announced both a much higher base rate for all US imports and extraordinarily high and arbitrary “reciprocal” tariffs on countries with which it ran a deficit. Its trade negotiations since then have been chaotic and fast changing. To enable more consistent understanding of the results and modalities of these negotiations, this Tracker summarises all of the tariffs and agreements reached, as well as some major disagreements, in both quantitative and qualitative terms.