Overview

• President Trump pushed his July 9 tariff deadline back to August 1 and sent warning letters to 14 countries including Japan, South Korea and South Africa outlining potential reciprocal duties.
• Under the 90-day negotiation window, the administration has finalized only two agreements—with the United Kingdom and Vietnam—and announced a nonbinding framework with China.
• The president broadened his trade arsenal by threatening 50% tariffs on imported copper and pledging soon-to-come levies on semiconductors and pharmaceuticals.
• Financial markets dipped nearly 1% on major U.S. stock indexes and saw the VIX volatility gauge climb as uncertainty over looming duties resurfaced.
• The European Union is racing to clinch a trade deal before the August 1 cutoff while Japan and South Korea press for exemptions from proposed auto tariffs.