Overview

• President Trump formalized an extension of his reciprocal tariff deadline to August 1 by sending letters to 14 nations outlining blanket duties if no agreement is reached.
• Only two interim pacts with Britain and Vietnam have averted the 25–40% tariffs so far; nations including Japan and South Korea remain under pressure to negotiate.
• The administration broadened its campaign by imposing a 50% tariff on copper imports and warning of upcoming levies on semiconductors and pharmaceuticals.
• The European Union has not received a formal tariff notice and continues high-level discussions to avoid blanket duties.
• Global markets dipped modestly following the tariff notices; Treasury Secretary Scott Bessent said he expects several last-minute trade agreements within 48 hours.