Overview

• President Trump sent letters to capitals outlining new duties of 25% on Japan, South Korea, Kazakhstan and Malaysia, 30% on South Africa and 40% on Laos and Myanmar.
• A presidential decree moved the planned July 9 start date for steep tariffs to August 1, with the White House ruling out additional extensions.
• Trump warned of forthcoming tariffs of up to 200% on pharmaceuticals and 50% on copper imports, raising fresh pressure on suppliers.
• The European Union remains excluded from the current tariffs and Ursula von der Leyen described her recent call with Trump as a “good exchange,” though negotiations continue.
• Global equity markets showed measured moves, with Paris’s CAC 40 up about 0.5% and Wall Street indices logging slight declines as investors assessed the revised timetable and new threats.