Overview

• The July 31 order fixes a 10% global tariff floor and imposes rates as high as 41% on imports from countries that failed to strike bespoke agreements; Canada’s 35% levy starts August 1 and other duties take effect August 7.
• Mexico secured a 90-day extension at its current 25% rate to continue talks under the United States–Mexico–Canada Agreement.
• Framework agreements with the European Union, United Kingdom, Japan, South Korea and the Philippines lock in lower tariff rates between 10% and 20%.
• The Court of International Trade is considering challenges to the White House’s use of emergency powers under the International Emergency Economic Powers Act to impose unilateral tariffs.
• Companies including Procter & Gamble and Walmart report passing higher input costs to consumers as officials signal more trade agreements may be announced before implementation.