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Trump Extends Tariff Deadline to August 1 and Unveils New BRICS, Pharma and Copper Duties

Trump’s letters set 10% tariffs on BRICS nations alongside unprecedented sectoral rates, prompting EU negotiators to accelerate talks.

This aerial view shows a container ship cruising at the port of Umm Qasr in Iraq's southern city of Basra. Iraq was among the latest countries to receive a letter from President Donald Trump informing the nation of the rate its goods will be tariffs come August 1 at absent a trade deal.
A drone view shows containers stacked at the port of Rotterdam in Rotterdam, Netherlands, July 9, 2025. REUTERS/Bart Biesemans
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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.