Overview

• President Trump plans to send letters in the coming days notifying each country of its new tariff rate effective July 9 if no deal is reached.
• The US and Vietnam have agreed to impose a 20% duty on Vietnamese exports while granting US goods zero tariffs under the new pact.
• European Union leaders, urged by Chancellor Friedrich Merz, are racing to secure a deal before July 9 to avoid up to 50% US duties.
• Since imposing reciprocal duties in April, the US has collected about $95.6 billion in tariffs through June 24, roughly $600 million per day.
• The 90-day suspension of most proposed tariffs—excluding those on Chinese imports—expires on July 9 and has spurred a rush of bilateral negotiations.