Overview

• Trump dispatched letters to at least 14 trading partners, setting new tariff rates ranging from 25% to 40% and confirming a 10% levy on BRICS exports.
• He also signaled plans to impose a 50% tariff on copper imports and suggested levies could reach 200% on pharmaceutical products.
• Traders responded with sharp declines across major U.S. indexes and a nearly 2% jump in the VIX, underscoring persistent policy uncertainty.
• Tariff collections have climbed to $98.2 billion this year, more than doubling last year’s revenue and highlighting the fiscal impact.
• EU negotiators are racing to cement a trade agreement before August 1 to avoid Trump’s new duties and cap tariffs at around 10%.