President Donald Trump has announced he’s levying tariffs of 30% against the European Union and Mexico starting Aug. 1.

The Trump administration is about to perform its latest reversal in trade negotiations with China, if Nvidia is to be believed. The company says it plans to resume sales of its H20 AI chip to China after securing assurances from Washington that it would approve the shipments.

The August 1 deadline gives the countries time to negotiate agreements that could lower the tariffs. Some investors and economists have also noted Trump's pattern of backing off his tariff threats.

Rather than continuing to retaliate with tariffs of its own, the Canadian government has begun to confess that such a tactic may be a losing battle against Donald Trump.

The country’s new prime minister, Mark Carney, has been called the “Trump whisperer,” and negotiations have been cordial and professional. But it’s been a wild ride.

Domestic politics in trading partner countries, as well as China's influence, are complicating Trump's tariff negotiations.