Overview

• President Trump signed an executive order on July 31 to delay reciprocal tariffs until 12:01 a.m. on August 7 and impose duties ranging from 10% to 41% on nearly 70 trading partners.
• Mexico was granted a 90-day extension that maintains its 25% tariff rate while broader trade negotiations continue.
• Separate bilateral deals struck before the deadline cap tariffs at 10% for the UK, 15% for Japan and South Korea, and 19% for Indonesia and Thailand.
• China faces a distinct August 12 deadline to reach an agreement or confront higher duties under the new tariff schedule.
• Federal appeals courts are weighing challenges to Trump’s use of the IEEPA, and economists warn that elevated tariffs could stoke inflation and disrupt supply chains.