Overview

• The White House dispatched letters to 14 countries, including Japan and South Korea, announcing 25–40% tariffs effective August 1 and stating no further deadline extensions will be granted
• Only two reciprocal agreements have been secured so far—one with the United Kingdom and one with Vietnam—far short of the administration’s 90-in-90 pledge
• Treasury Secretary Scott Bessent said his inbox is full of last-ditch offers and he expects to announce several new trade deals within 48 hours
• Global markets have reacted with volatility, as the S&P 500 fell nearly 1% and the dollar strengthened against the yen and won on heightened trade fears
• Businesses and smaller exporters warn that shifting timelines and uncertain relief measures are already disrupting supply chains and inflating costs