Overview

• President Trump sent form letters to over 20 trading partners, including Japan, South Korea, Moldova and Brunei, outlining country-specific tariffs ranging from 20% to 40% effective August 1.
• Brazil was singled out for a 50% tariff citing political grievances over the treatment of former President Bolsonaro and alleged attacks on free elections and American speech rights.
• The White House tied potential tariff adjustments to partners’ willingness to lower trade barriers and onshore manufacturing to the United States.
• Sector-specific threats remain in place, with a 50% duty on copper imports and a potential 200% tax on pharmaceuticals awaiting formal imposition.
• Only two framework agreements have been secured so far—with the United Kingdom and Vietnam—while major partners still weigh retaliation risks before the compressed deadline.