Overview

• Only two reciprocal agreements with the United Kingdom and Vietnam have been finalized, and a framework deal with China remains under negotiation.
• US stocks closed lower after the announcements, with the Dow down 0.94 percent and the S&P 500 down 0.79 percent, while indices in Tokyo and Seoul rose on optimism about talks.
• Trump’s letters specify equivalent tariff hikes for any country that increases its duties and threaten an additional 10 percent levy on BRICS nations aligning with anti-American policies.
• Major partners such as the European Union are racing to secure accords by the original July 9 target to avoid steep levies, with EU officials reporting positive exchanges.
• Economists warn that prolonged uncertainty and higher duties could drive up consumer prices, disrupt global supply chains and raise recession risks.