Overview

• President Trump sent letters between July 7 and 9 to 20 trading partners, including Japan and South Korea, warning of country-specific reciprocal tariffs starting August 1.
• Only two trade pacts have been reached—one each with the United Kingdom and Vietnam—falling short of the “90 deals in 90 days” pledge and prompting the extended deadline.
• Negotiations with the European Union and China remain in progress as the EU seeks to finalize an agreement before higher duties take effect.
• Treasury Secretary Scott Bessent reports about $100 billion in tariff revenue has been collected so far, with projections reaching $300 billion by year’s end.
• The president has threatened 50% duties on copper imports and signaled forthcoming levies on semiconductors and pharmaceuticals.