Overview

• The president announced that as of 12 p.m. Eastern on July 7, up to 15 letters will be delivered to trade partners detailing either new tariffs or potential bilateral agreements.
• Each letter specifies duties between 10% and 70%, with Treasury Secretary Scott Bessent confirming that missing the August 1 cutoff will automatically reinstate the original April tariff levels.
• Countries that side with the BRICS bloc face an additional 10% levy under Trump’s punitive trade measures for those seen as opposing US interests.
• The administration has already finalized trade deals with the United Kingdom and Vietnam, and Bessent indicated that several more agreements are within reach.
• Negotiations with the European Union have entered a closing phase, with both Brussels and Washington reporting very good progress toward a framework deal before the new deadline.