Overview

• A presidential decree moves the tariff enforcement deadline from July 9 to August 1 following Finance Minister Bessent’s warning of sweeping duties if talks fail.
• On July 7, the White House dispatched letters to 12–15 partners detailing proposed tariffs of 10–70%, with sector-specific surcharges threatened for noncompliance.
• Countries aligning with BRICS policies face an additional 10% surcharge on imports, signaling expanded economic pressure on anti-US blocs.
• So far, only the United Kingdom and Vietnam have formalized bilateral trade agreements under the new tariff regime.
• Officials including Bessent and Trade Minister Lutnick say multiple agreements are within reach; they expect further announcements before the August 1 deadline.