Overview

• Trump sent letters to leaders of 15 countries warning of reciprocal tariffs ranging from 25% to 40%, set to commence on August 1 unless new trade concessions are secured.
• Major allies such as Japan, South Korea, Malaysia, Kazakhstan and Tunisia face 25% duties, while the highest rates target Laos and Myanmar at 40%.
• With only two reciprocal tariff agreements achieved so far (Britain and Vietnam), the administration extended its negotiating window from July 9 to August 1.
• Both Japan and South Korea have announced plans to intensify negotiations in an effort to mitigate the impact of the new tariffs.
• U.S. stock markets fell nearly 1% on Monday as investors reacted to the prospect of heightened trade tensions.