Overview

• Only two agreements have been finalized so far—one with the United Kingdom and one with Vietnam—besides a vague framework deal with China
• Administration sent letters this week to Japan, South Korea, India, the European Union and others threatening up to 50% reciprocal tariffs if no pact is reached by August 1
• The 10% baseline import tax remains in force to raise federal revenue and underpin Trump’s tariff-driven overhaul of global trade rules
• Advisers acknowledge the original 90-day timeline was unrealistic as simultaneous negotiations stretched U.S. trade teams too thin, prompting the extension
• Persistent tariff uncertainty has led businesses worldwide to delay investments, hiring and supply-chain decisions pending clarity on U.S. duties