It’s a race against time for some of America’s top trading partners who are negotiating furiously to reach agreements by Aug. 1.

A new analysis suggests President Donald Trump's tariffs could increase factory costs by 2% to 4.5%.

For instance, Smith just ordered a $515,000 machine from Germany that grinds his knife blades to a sharp edge. Trump had imposed a 10% tax on products from the EU that is set to rise to 15% under the trade framework he announced Sunday. So Trump’s tax on the machine comes to $77,250 — about enough for Smith to hire an entry-level worker.

TURNBERRY, Scotland — U.S. tariffs on British steelmakers will come down “pretty soon,” President Donald Trump has said. The U.S. committed to slashing tariffs on British steel and aluminum from 25 percent to zero as part of its Economic Prosperity Deal back in May.

The U.S. is expected to implement a 50% tariff on copper imports at the end of the week, but what happens next is anyone’s guess as talk of an exemption for Chile, the biggest U.S. supplier of the metal,

Donald Trump has hinted that the UK will know “pretty soon” whether or not tariffs on steel will increase to 50%.The president said the US wants to “make our own steel” when he faced questions from journalists on Monday.

More to do’ on US steel tariffs than Trump and PM can resolve, minister signals - The Prime Minister will attempt to hammer out a deal on steel, and press for action on Gaza when he meets the US president in Scotland.

Back in May, the U.S. Court of International Trade ruled that Trump overstepped his bounds by using IEEPA to apply tariffs. Just a day later, the decision was paused and tariffs were back on. The lawsuit was brought by a wine importer called V.O.S. Selections and four other small businesses. Analysts expect the case to reach the Supreme Court.

But the outlook for many top U.S. trading partners has yet to come into clear focus. Trump has threatened, for example, to raise tariffs on Canada to 35% from the current 25% if the two countries don’t strike a deal by Friday. And a 90-day truce between the U.S. and China expires in mid-August, at which point Trump’s tariffs on China could soar.

On Monday morning, Trump said the baseline tariff rate for the world will be “in the range of 15 to 20% ... probably one of those two numbers.” “We’re going to be setting a tariff for essentially the rest of the world,