Overview

• Trump has postponed implementation of reciprocal tariffs originally set for July 9 to August 1, extending the 90-day negotiation window
• Letters issued on July 9 detail 20%–40% tariff rates for six smaller trading partners, adding to the 14 nations already notified
• The White House threatens a 50% duty on imported copper and long-planned levies on semiconductors and pharmaceuticals without concessions
• Only two formal trade agreements have been finalized—one each with the UK and Vietnam—and a vague framework with China remains unspecified
• Financial markets remain unsettled over tariff uncertainty as the EU rushes to clinch a pact before the August 1 deadline