Overview

• The administration extended its 90-day moratorium on reciprocal tariffs to August 1 and sent letters outlining proposed levy rates to 14 trading partners.
• Since April’s tariff rollout, only the United Kingdom and Vietnam have sealed formal trade agreements, and China’s framework deal remains vague.
• Renewed tariff threats triggered market jitters, with the S&P 500 falling nearly 1% and the Dow slipping over 400 points as investors lean on hopes of a rollback.
• U.S. merchandise trade volumes declined for a second consecutive month in April and May, reflecting a front-loading of shipments ahead of looming tariffs.
• Republican senators and economists warn that prolonged negotiations and policy uncertainty risk undermining corporate investment and economic growth.