Overview

• On July 9 Trump delivered letters setting import tariffs for six nations, including the Philippines, Brunei, Moldova, Algeria, Iraq and Libya, with rates up to 30%.
• The threatened duties, originally unveiled on April 2 then paused for 90 days, are scheduled to take effect on August 1 unless bilateral agreements are reached.
• To date only two trade pacts—one with the United Kingdom and one with Vietnam—have been finalized under the ‘90 deals in 90 days’ initiative.
• Negotiations with the European Union and China continue under widespread market uncertainty that has delayed investments and contracts.
• Sectoral tariffs are set to expand with planned 50% duties on copper imports and potential levies up to 200% on pharmaceutical products.