A summary of the terms of the trade deals Trump has negotiated so far

President Trump has just announced a trade deal with Japan and the Philippines.

What can we learn from these deals, and the deals already announced with the UK, China, Vietnam and Indonesia? Here is a summary:

UK The 10% tariff announced on Liberation Day remained. But Britain got a zero tariff on the first 100,000 cars it exports to the US (above that it's 25%, but Britain tends to export around 100,000 cars to the US historically). Zero tariffs on steel. Zero tariffs on both sides for a limited amount of beef.

Japan The Liberation Day tariff of 24% got reduced to 15%. Crucially all Japanese cars will be on the 15% tariff. Japan is opening it's market for rice for the first time ever (a major concession) plus promising to invest in the USA.

Indonesia The Liberation Day tariff of 32% got reduced to 19%.

Phillipines The Liberation Day tariff of 20% got reduced to 19%. US goods imported into the Philippines will be on a zero tariff.

Vietnam The Liberation Day tariff of 46% got reduced to 20%. But all goods transhipped from China will be on 40%.

China Tariffs went through a roller-coaster (see graphic below), but they came to an agreement to settle at 30%.

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Still to be decided are deals with South Korea, India and the EU.

If I was to hazard a guess, I'd say South Korea lands on 15%, while India lands on 19%.

The EU is tricky. When the UK deal was announced, EU negotiators scoffed, saying they'd never have agreed such a "bad" deal unlike the "naive" British. Then as time passed, they pushed for 10% tariffs too, but Trump rejected this.

The EU's problem is that Trump dislikes them in a way he doesn't dislike the Japanese. If they're lucky they'll get Japan style tariffs of 15%. But he might go for 19%. Of course if there is no deal, they'll be on 30%.