Overview

• Trump announced that at 12 PM EDT on July 7 he will send up to 15 letters notifying trading partners of new 10 – 70 percent tariffs set to apply from August 1 if bilateral deals are not sealed.
• US Finance Minister Scott Bessent affirmed that the August 1 implementation date represents a firm backstop rather than an extension of the original 90-day negotiation period ending July 9.
• Following a joint BRICS statement condemning the US tariffs as WTO-incompatible, Trump threatened a further 10 percent surcharge on any nation aligning with the BRICS coalition.
• EU Commission President Ursula von der Leyen described her recent phone call with Trump as a “good exchange” as both sides pursue a transatlantic agreement before the July 9 deadline.
• Washington has already secured bespoke trade pacts with the United Kingdom and Vietnam, with officials indicating several more deals are within reach in the coming days.