Overview

• The White House issued letters to 14 countries warning that 25%–40% tariffs will take effect August 1 unless new trade deals are reached.
• Only Britain and Vietnam have secured reciprocal tariff agreements under Trump’s 90 deals in 90 days pledge.
• Japan, South Korea and the European Union have intensified negotiations to soften the impact of the looming duties.
• Markets responded with volatility as U.S. stock indexes fell and the dollar strengthened on rising trade uncertainty.
• Treasury Secretary Scott Bessent says multiple trade announcements may follow as partners submit last-ditch proposals.