Overview

• The Trump administration has extended its reciprocal-tariff suspension to August 1 and dispatched formal letters setting new rates for at least seven nations.
• The president confirmed a 10% tariff on all BRICS countries and warned of sector-specific duties including up to 200% on pharmaceuticals and 50% on copper.
• Core reciprocal measures already in effect include a 10% general import tariff, steel and aluminum duties, and a 25% levy on automobile imports.
• Global markets have reacted mutedly, with the S&P 500 off less than 1% from its record peak and Treasury yields largely unchanged amid doubts about full implementation.
• EU negotiators are in a final push to secure exemptions that would cap duties at 10% before the August 1 deadline, while Treasury Secretary Scott Bessent says tariff revenues have reached roughly $100 billion year-to-date with projections up to $300 billion by year-end.