Overview

• Trump has notified more than 20 trading partners with letters specifying reciprocal import duties ranging from 15% to 50% if no bilateral trade agreements are secured by August 1.
• He ordered 50% tariffs on copper imports and Brazilian goods under Section 232 and directed a Section 301 probe into Brazil’s digital trade practices, raising the prospect of additional levies.
• Canada was warned of a threatened 35% tariff on goods from August 1, prompting Canadian officials to vow a legal and diplomatic pushback.
• Courts are reviewing challenges to Trump’s unilateral use of Section 232 and the International Emergency Economic Powers Act, with judges already striking down earlier 'Liberation Day' levies as exceeding presidential authority.
• Copper futures surged to record highs and global equity markets showed heightened volatility as investors brace for the impact of steep duties on critical imports.