Overview

• The tariff framework imposes a 10% ad valorem surcharge on imports from 92 partners starting August 7, with reciprocal duties ranging up to 41% and reaching 50% for Brazil.
• Major economies including the European Union, United Kingdom, Japan and South Korea struck bilateral deals capping their duties at 15%.
• Canada faces a 35% tariff over alleged fentanyl cooperation failures while Mexico secured a 90-day extension to continue trade talks.
• The administration extended a temporary tariff truce with China until August 12 and is pursuing talks with China, India and other partners.
• Global markets fell on concerns over legal challenges and the potential impact on economic growth.