Administration officials continue to describe the president’s tariff threats as a gambit aimed at getting more concessions from foreign countries in trade negotiations. But, according to Mr. Trump’s timeline, the window to strike deals and avoid punishing tariffs is rapidly diminishing. So far, the administration has only announced two preliminary deals, with Britain and Vietnam, and the status of the Vietnam deal is now in question.

While handshake agreements with India, Taiwan and other governments could soon be pending, they are likely to be limited pacts that leave much to be negotiated. And even when deals have been announced, Mr. Trump has left double-digit tariffs in place, and promised that more levies on foreign products are on the way.

With less than a month before the Aug. 1 tariffs are supposed to kick in, the Trump administration may have the capacity to deal with only a fraction of the other countries the president is threatening with stiff levies. Some governments that have sought out meetings with U.S. officials have not been able to schedule them.

When Mr. Trump paused his global tariffs for 90 days in April, he said the delay would give his administration time to reach trade deals with countries across the world. Mr. Trump boasted in the intervening months about how countries were lining up to talk to the United States and at one point claimed he had reached 200 deals.

But in the last several weeks, Mr. Trump has seemed unbothered by not having more deals to announce. Instead, he has extolled the volume of tariffs he is heaping on America’s trading partners, claiming that they are more than justified and are bringing in huge sums of money to the United States.

President Trump is pushing through with his tariff agenda, unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August and a warning to BRICS nations.

Trump announced a 35% tariff on Canadian goods late Thursday on Truth Social, claiming Canada had “financially retaliated” to earlier duties. A White House official said, however, that many carveouts currently in place with US tariffs on Canadian goods would remain, such as oil and certain sector-specific duties.

In an interview with NBC News published late Thursday, Trump also floated 15% to 20% blanket tariffs on most trading partners, higher than the 10% level currently in effect.

The fresh tariff salvos capped a week in which Trump sent a barrage of tariff letters to over 20 trade partners, setting levels of 20% to 40% — except for a 50% levy on goods from Brazil in a move that waded into the country’s domestic politics.

Meanwhile, Trump injected fresh uncertainty into the metal market this week, confirming 50% copper import tariffs from Aug. 1 to match steel and aluminum. Trump’s copper tariffs are also set to include the kinds of materials used for power grids, the military and data centers, a Bloomberg report highlighted on Friday.

As markets focus on US talks with key partners on possible deals, here is where things stand:

Vietnam: Trump said a deal with Vietnam will see the country’s imports face a 20% tariff — lower than the 46% Trump had threatened in April. He also said Vietnamese goods would face a higher 40% tariff “on any transshipping” — when goods shipped from Vietnam originate from another country, like China. According to reports, Vietnam’s leadership was caught off guard by Trump’s announcement last week that it agreed to a 20% tariff and is now seeking to lower the rate.

European Union: The EU has signaled it is willing to accept a 10% universal tariff on many of its exports but is seeking exemptions for certain sectors. The bloc is racing to clinch a deal.

India: Trump’s tariffs on Brazil have raised the stakes for India, another member of the BRICS coalition. Bloomberg reported that the countries are working toward a framework deal that could see US tariffs on goods from India drop below 20%.

Read more: What Trump’s tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

LIVE

1416 updates

President Trump is pushing through with his tariff agenda, unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August and a warning to BRICS nations.

Trump announced a 35% tariff on Canadian goods late Thursday on Truth Social, claiming Canada had “financially retaliated” to earlier duties. A White House official said, however, that many carveouts currently in place with US tariffs on Canadian goods would remain, such as oil and certain sector-specific duties.

In an interview with NBC News published late Thursday, Trump also floated 15% to 20% blanket tariffs on most trading partners, higher than the 10% level currently in effect.

The fresh tariff salvos capped a week in which Trump sent a barrage of tariff letters to over 20 trade partners, setting levels of 20% to 40% — except for a 50% levy on goods from Brazil in a move that waded into the country’s domestic politics.

Meanwhile, Trump injected fresh uncertainty into the metal market this week, confirming 50% copper import tariffs from Aug. 1 to match steel and aluminum. Trump’s copper tariffs are also set to include the kinds of materials used for power grids, the military and data centers, a Bloomberg report highlighted on Friday.

As markets focus on US talks with key partners on possible deals, here is where things stand:

Vietnam: Trump said a deal with Vietnam will see the country’s imports face a 20% tariff — lower than the 46% Trump had threatened in April. He also said Vietnamese goods would face a higher 40% tariff “on any transshipping” — when goods shipped from Vietnam originate from another country, like China. According to reports, Vietnam’s leadership was caught off guard by Trump’s announcement last week that it agreed to a 20% tariff and is now seeking to lower the rate.

European Union: The EU has signaled it is willing to accept a 10% universal tariff on many of its exports but is seeking exemptions for certain sectors. The bloc is racing to clinch a deal.

India: Trump’s tariffs on Brazil have raised the stakes for India, another member of the BRICS coalition. Bloomberg reported that the countries are working toward a framework deal that could see US tariffs on goods from India drop below 20%.

Read more: What Trump’s tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

LIVE

1416 updates

Pinned

President Trump with Elon Musk and Mr. Musk’s son at the White House in March.

It was always the most unlikely of alliances.

Last year, two mercurial billionaires formed a partnership and vowed to drive the country in a new direction. Donald Trump had the political power. Elon Musk had the money and social media might.

But on Thursday, their union dissolved in remarkably public and rapid fashion, with the two men attacking each other over matters both significant and petty.

Beyond the immediate drama, the breakup of the president and the world’s richest man upended one of the most powerful dynamics shaping Mr. Trump’s second term.

Their dispute began days ago over the president’s signature domestic policy bill, which Mr. Musk had panned as a “disgusting abomination.” But it escalated uncontrollably on Thursday into a fight over who deserved more credit for Mr. Trump’s election victory, why Mr. Musk had not covered up his black eye with makeup during an Oval Office appearance last week and why Mr. Trump had abruptly dropped his support for a Musk associate nominated to lead NASA.

The sparring swiftly devolved into threats on their respective social media platforms, as Mr. Trump threatened to cut the billions in dollars in federal government contracts with Mr. Musk’s companies. For his part, Mr. Musk unleashed a tirade of attacks on the man he had once lavishly praised. He suggested it might be time to create a new political party, claimed there were references to Mr. Trump in government documents about the late financier and sex offender Jeffrey Epstein and indicated his support for a post calling for the president’s impeachment.

Image Elon Musk and President Trump at the Oval Office last week. The erstwhile allies feuded openly over the Republican domestic policy bill on Thursday. Credit… Haiyun Jiang for The New York Times

The public jousting became so ugly that at one point, Ashley St. Clair, a right-leaning writer who has a child with Mr. Musk but is estranged from him, jumped in. “Hey @realDonaldTrump lmk if u need any breakup advice,” she wrote on X.

Their sudden fallout ended a nearly yearlong partnership, during which Mr. Musk helped propel Mr. Trump to the White House and became one of the president’s top advisers, steering an effort to drastically cut government staffing and contracts that sent shock waves through the federal bureaucracy.

Both men now have a lot at risk. Mr. Musk, who spent about $275 million helping elect Mr. Trump in 2024, had promised to give $100 million to groups controlled by the president’s team before the 2026 midterms — funds that have yet to be delivered and are now very much in doubt. Mr. Trump not only must confront the choking-off of election support; he now must contend with the wrath of an ally-turned-foe who appears determined to undermine his standing on the right.

Mr. Musk’s companies have benefited from billions of dollars in government contracts and were positioned to receive billions more, a lucrative revenue source for his business empire that Mr. Trump is now threatening.

Mr. Trump’s political advisers are preparing for a possible drawn-out war against Mr. Musk in which allies of both men in tech and politics are forced to choose sides, according to one person close to the president who spoke on the condition of anonymity to describe internal conversations.

“This is an unfortunate episode from Elon, who is unhappy with the One Big Beautiful Bill because it does not include the policies he wanted,” Karoline Leavitt, the White House press secretary, said in a statement. “The president is focused on passing this historic piece of legislation and making our country great again.”

But by Thursday night, Mr. Musk appeared to be trying to de-escalate. When Bill Ackman, the hedge-fund billionaire, posted on social media that Mr. Musk and Mr. Trump “should make peace for the benefit of our great country,” Mr. Musk responded, “You’re not wrong.”

For their part, Mr. Musk’s friends and associates said they were in a state of disbelief over the acrimonious and abrupt break, and spent Thursday glued to their computers and phones as they watched their friend joust with Mr. Trump, unsure of his plan.

Some in Mr. Musk’s orbit professed confidence that the tech executive would outlast Mr. Trump in global influence. But there was still nervousness in Mr. Musk’s circle that he had picked an enormous fight, even by his standards, that could backfire on him and the world of the “tech right,” the ecosystem of Silicon Valley executives who have embraced the Trump administration.

Few of Mr. Musk’s associates had expected the relationship to last forever. But they said they were sad that it had come to such a bitter end.

In the early months of the administration, Mr. Musk had been a constant presence at Mr. Trump’s side, traveling with him to Mar-a-Lago on the weekends and sitting for a joint interview on Fox News while overseeing a government-wide effort to cut federal spending.

But his work with the Department of Government Efficiency led to clashes with top cabinet officials, who sparred with Mr. Musk about his cuts and tactics. Mr. Trump largely stood by Mr. Musk, although their relationship started to fray as complaints increased about Mr. Musk’s approach, according to people familiar with the dynamics.

For days, Mr. Trump appeared hesitant to feud with Mr. Musk, even as the tech mogul assailed the president’s signature legislation as a measure that would increase the deficit, lambasting it as “massive, outrageous, pork-filled.”

But Mr. Musk would not let up. He argued that the measure would undo all the work he did to cut government spending and hinted that he would target Republicans who backed the legislation in next year’s midterm elections.

On Thursday, when asked by reporters about Mr. Musk’s criticism, Mr. Trump fought back.

“I’m very disappointed in Elon,” Mr. Trump said in the Oval Office during a visit with Friedrich Merz, Germany’s new chancellor. “I’ve helped Elon a lot.”

Video transcript Back bars 0:00 / 0:26 – 0:00 transcript Trump on Musk: ‘I’m Very Disappointed in Elon’ President Trump spoke out against his former ally on Thursday after Elon Musk expressed his dismay over the president’s domestic policy bill. He became a little bit different. And I can understand that. But he knew every aspect of this bill. He knew it better than almost anybody, and he never had a problem until right after he left. And if you saw the statements he made about me — which I’m sure you can get very easily, it’s very fresh on tape — he said the most beautiful things about me. And he hasn’t said bad about me personally, but I’m sure that’ll be next. But I’m very disappointed in Elon. I’ve helped Elon a lot. President Trump spoke out against his former ally on Thursday after Elon Musk expressed his dismay over the president’s domestic policy bill. Credit Credit… Haiyun Jiang for The New York Times

He also downplayed his former ally’s financial support during the campaign, arguing that he would have won Pennsylvania without Mr. Musk, who poured much of his money and time into the critical battleground state.

Mr. Musk returned fire.

“Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate,” Mr. Musk wrote on X.

“Such ingratitude,” he replied a moment later, taking credit for Mr. Trump’s election in a way that he never had.

The attacks between the two men continued on their respective social media platforms.

“The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts,” Mr. Trump wrote on Truth Social. “I was always surprised that Biden didn’t do it!”

In response, Mr. Musk said SpaceX, his space technology company, would begin decommissioning its Dragon spacecraft, though he later appeared to back down from that threat. NASA relies on the spacecraft to carry astronauts, food and other supplies to the International Space Station.

As he stepped away from his government work in recent weeks, Mr. Musk appeared to be in good spirits, telling friends that he wanted to stay active in some parts of his cost-cutting operation, including blocking funding for programs that he believed promoted illegal immigration, according to a person familiar with the conversations who spoke on condition of anonymity to describe private conversations.

But he discarded whatever caution he had on Thursday, ridiculing the president in a pattern familiar to the many previous Trump advisers who have fallen by the wayside.

By the afternoon, Mr. Musk floated leaving the Republican Party to form a new party, and openly speculated that Mr. Trump, who once opposed raising the deficit, had been replaced by a “body double.”

When their fighting broke out Thursday around noon, the stock of Tesla fell by 14 percent. The stock of Truth Social’s parent company, Trump Media & Technology Group, slid by 8 percent.

Just last week, Mr. Trump had given Mr. Musk a personal send-off in the Oval Office. He praised Mr. Musk as “one of the greatest business leaders and innovators the world has ever produced,” and handed him a golden key emblazoned with the White House insignia. Mr. Musk promised to remain a “friend and adviser to the president.”

During that event, Mr. Musk sported a black eye, which he attributed to his young son punching him in the face. Mr. Trump on Thursday made fun of Mr. Musk’s unwillingness to wear makeup to cover up the bruise. He also suggested that the tech executive, like other former aides, was suffering from “Trump derangement syndrome” now that he had left the inner circle of the White House.

“They wake up in the morning, the glamour is gone, the whole world is different and they become hostile,” the president said.

Mr. Musk shot back, saying Mr. Trump’s tariffs would cause a recession by the end of the year and sharing old social media posts from Mr. Trump criticizing Republicans for not addressing the growing deficit.

Mr. Trump said Mr. Musk’s criticism of his domestic policy bill was self-interested, and that he only opposed the legislation after Republicans took out electric vehicle subsidies that would benefit Tesla, Mr. Musk’s company. (Mr. Musk had previously called for an end to those tax credits.)

“Elon was ‘wearing thin,’ I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY,” Mr. Trump wrote on Truth Social.

Mr. Musk, writing on X, responded: “Such an obvious lie. So sad.”

Reporting was contributed by Kate Conger , Maggie Haberman , Ryan Mac , Michael C. Bender and Kenneth Chang .

President Trump was peeved.

Just minutes before he walked into the Oval Office for a televised send-off for Elon Musk last week, an aide had handed him a file.

The papers showed that Mr. Trump’s nominee to run NASA — a close associate of Mr. Musk’s — had donated to prominent Democrats in recent years, including some who Mr. Trump was learning about for the first time.

The president set his outrage aside and mustered through a cordial public farewell. But as soon as the cameras left the Oval Office, the president confronted Mr. Musk. He started to read some of the donations out loud, shaking his head.

This was not good, the president said.

Mr. Musk, who was sporting a black eye that he blamed on a punch from his young son, tried to explain. He said Jared Isaacman, a billionaire entrepreneur who was set to become the next NASA administrator, cared about getting things done. Yes, he had donated to Democrats, but so had a lot of people.

Maybe it’s a good thing, Mr. Musk told the president — it shows that you’re willing to hire people of all stripes.

Image Jared Isaacman, a close associate of Mr. Musk’s, had been tapped to lead NASA. Credit… Tierney L. Cross for The New York Times

But Mr. Trump was unmoved. He said that people don’t change. These are the types of people who will turn, he said, and it won’t end up being good for us.

The moment of pique was a signal of the simmering tensions between the two men that would explode into the open less than a week later, upending what had been one of the most extraordinary alliances in American politics.

This account of the crumbling ties between the president and Mr. Musk is based on interviews with 13 people with direct knowledge of the events, all of whom asked for anonymity to describe private discussions.

While the relationship had been losing steam over the past several months as Mr. Musk clashed with Trump officials, people close to both men said the disagreement over Mr. Isaacman accelerated the breakup.

Mr. Musk had been planning to exit the White House relatively quietly — before Mr. Isaacman’s ouster left him feeling humiliated.

Now the two men, who seemed inseparable at one point, are on opposite sides. Mr. Musk suggested Mr. Trump should be impeached. Mr. Trump has threatened to cancel government contracts with Mr. Musk’s companies.

Mr. Trump, who was briefed on a New York Times article about Mr. Musk’s drug use, told associates that Mr. Musk’s “crazy” behavior was linked to his drug use, according to two people with knowledge of the president’s private conversations.

A Tanked Nomination

For Mr. Musk, there were few positions across the thousands in the federal government that mattered more to him than the head of NASA, because of its critical importance to SpaceX, his rocket business. So it was of great personal benefit to Mr. Musk when Mr. Trump chose Mr. Isaacman, who has flown to space twice with SpaceX, to oversee the agency.

Mr. Isaacman’s donations to Democrats had not always been a problem.

While Mr. Trump privately told advisers that he was surprised to learn of them, he and his team had been briefed about them during the presidential transition, before Mr. Isaacman’s nomination, according to two people with knowledge of the events. But by last Friday, when Mr. Trump went through the file containing details of the donations, he clearly had changed his mind.

Mr. Musk barely mounted a defense of his friend. He was anxious about doing so with other people around, including Sergio Gor, the director of the presidential personnel office, who had clashed with Mr. Musk over other staffing matters. Mr. Musk believed that he would be able to talk to the president at some point after the gathering, privately.

But Mr. Musk never got a chance to make his case.

In the hours after the Oval Office farewell, Mr. Trump decided he would withdraw Mr. Isaacman from consideration. Mr. Musk was stunned by how fast it all happened.

Mr. Musk’s allies have argued privately that Mr. Isaacman’s recent donations to Democrats were nonideological and made at the encouragement of Senator Mark Kelly, Democrat of Arizona and a former astronaut. A spokesman for Mr. Kelly declined to comment.

As Mr. Musk dealt with the fallout from the tanked nomination, he spent part of the weekend outside of Missoula, Mont., as a guest at “Symposium,” an event for tech executives, investors and startup founders thrown by Founders Fund, the venture capital firm founded by Peter Thiel.

He mingled with guests at Paws Up, a high-end resort with glamping tents and luxury cabins set on 37,000 acres of a historic cattle ranch. There, he had a wide-ranging conversation with Mr. Thiel, who could sense no coming feud with the president, according to a person familiar with the talks.

Sam Altman, the chief executive of OpenAI who has been openly feuding with Mr. Musk, was also in attendance, though the two men did not speak.

For Mr. Musk, the goings-on in Washington were still top of mind.

After spending a day in Montana, he turned his attention in earnest to assailing the top domestic priority of Mr. Trump: the Republican bill making its way through Congress that would slash taxes and steer more money to the military and immigration enforcement.

Privately and publicly, Mr. Musk stewed over the bill, believing that its spending would erase the supposed savings of his Department of Government Efficiency and add to the federal deficit.

Some Republican lawmakers had tried to assuage Mr. Musk’s fears. On Monday, Speaker Mike Johnson walked the billionaire through the bill and said that Congress would try to codify the work done by DOGE. After the call, Mr. Johnson told associates that he felt Mr. Musk was uninformed about the legislation and the Congressional process, but that he had been able to reason with the world’s richest man, according to a person familiar with the conversation.

On Monday evening, Mr. Musk still had concerns. He hinted at them on X, reposting a chart apparently showing the yearly increase in the national debt.

“Scary,” Mr. Musk wrote as a caption.

Mr. Trump did not respond to Mr. Musk’s criticisms of the bill and maintained a light public schedule.

Meltdown

The Trump-Musk alliance fully ruptured on Thursday, six days after the two men put on a collegial display in the Oval Office.

Mr. Musk, who had largely focused his attacks on Republicans in Congress, had started directing more ire at the president himself.

So when Mr. Trump was asked about Mr. Musk’s comments during a meeting with Friedrich Merz, the new German chancellor, the president finally let loose. He said he was “disappointed” in Mr. Musk, downplayed the billionaire’s financial support for his presidential campaign and posited that Mr. Musk developed “Trump derangement syndrome” after leaving the White House.

Mr. Musk fired back in real time. Using X, his social media platform, he unleashed a torrent of attacks. He claimed there were references to the president in government documents about Jeffrey Epstein, the sex offender, and indicated his support for the president’s impeachment. He also said Mr. Trump’s tariffs would cause a recession by the end of the year.

Later, Mr. Trump, using his own social media platform, threatened to cut the billions of dollars in federal contracts with Mr. Musk’s companies.

By Thursday evening, Mr. Musk signaled he would be open to de-escalating the fight, while the president seemed to have little interest in an immediate reconciliation. White House officials said Mr. Trump had no plans to call Mr. Musk.

“President Trump is the unequivocal leader of the Republican Party, and the vast majority of the country approves of his job performance as president,” Karoline Leavitt, the White House press secretary, said in a statement. “Inflation is down, consumer confidence and wages are up, the jobs report beat expectations for the third month in a row, the border is secure and America is hotter than ever before.”

A spokeswoman for Mr. Musk did not respond to a request for comment.

Image A still image from a video of Mr. Musk’s visit to the Pentagon in March. He was to receive a highly sensitive briefing on China, but the plan changed after Mr. Trump learned of it. Credit… Idrees Ali/Reuters

Mr. Musk, his allies and even some White House officials now pin the blame on Mr. Gor, believing he sabotaged Mr. Isaacman as Mr. Musk was on his way out. But some close Trump allies say Mr. Gor was being unfairly criticized for a decision that ultimately rests with the president.

Mr. Gor and Mr. Musk had clashed several times early in Mr. Trump’s second term, including at two cabinet meetings, where Mr. Musk questioned how swiftly Mr. Gor was moving to fill the top ranks of agencies. Mr. Musk’s and Mr. Gor’s teams often disagreed over personnel and the amount of power that should be given to aides at the Department of Government Efficiency.

But Mr. Gor’s title — director of the White House Presidential Personnel Office — does not convey the scope of his influence in the president’s orbit. Mr. Gor founded a pro-Trump super PAC during the 2024 presidential election, and co-founded a publishing house with Donald Trump Jr. that has published books by the president and his allies.

The president’s aides and allies quickly jumped to Mr. Gor’s defense on Friday.

“Sergio Gor is a vital member of the team, and he has helped President Trump put together an administration that is second to none,” Steven Cheung, the White House communications director, said in a statement. As for Mr. Musk?

White House officials said Friday that Mr. Trump was considering selling the bright red Tesla he got in March as a show of support for Mr. Musk.

Cade Metz and Michael Gold contributed reporting.