Overview
- On July 7 the U.S. Treasury began dispatching letters to 100 trading partners outlining planned reciprocal tariffs of 10–70% set to take effect on August 1 without new pacts
- Bilateral deals with the United Kingdom, Vietnam and China have already averted higher duties under the administration’s targeted negotiation strategy
- Argentina secured zero-tariff treatment for 100 export products but remains subject to 50% levies on steel and aluminum
- Japan and South Korea received formal notice that their exports will face 25% U.S. tariffs from August 1, with the prospect of additional hikes if they retaliate
- Treasury Secretary Scott Bessent is focusing on 18 partners representing 95% of the U.S. trade deficit and has threatened an extra 10% tariff on nations aligning with the BRICS