Overview

• The US Treasury will dispatch formal tariff-notification letters this week to 100 trading partners, ending the 90-day moratorium on reciprocal duties.
• Only the United Kingdom and Vietnam have sealed preliminary framework agreements so far, alongside a temporary truce with China, leaving the EU, Mercosur members and dozens of other nations racing to strike deals before July 9.
• The European Union is negotiating intensively to prevent its imports from facing a 50% tariff hike but has not yet secured a preliminary accord.
• Argentina has expanded its Mercosur exemptions from 100 to 150 products in an effort to lock in zero tariffs on key exports such as steel and aluminum.
• Treasury Secretary Scott Bessent says issuing 100 tailored letters will yield 100 trade pacts, while Federal Reserve Chair Jerome Powell has cited tariff unpredictability in holding interest rates steady.