Overview

• Washington and Tokyo have agreed to a framework replacing Japan’s threatened 25% levy with a 15% tariff in exchange for a $550 billion Japanese investment pledge in US projects.
• EU diplomats say a mirror 15% baseline tariff on EU goods is within reach pending President Trump’s final approval and his estimation of 50-50 odds on a deal.
• The European Commission secured member-state backing for €93 billion of contingency duties on American exports that would take effect August 7 if no agreement materializes.
• South Korea’s trade and industry ministers met US Commerce Secretary Howard Lutnick to explore expanded market access, investment pledges and sectoral cooperation to avert proposed 25% US tariffs.
• President Trump reiterated that letters sent to nearly 200 countries by August 1 will lock in negotiated tariff rates as binding contracts once dispatched.