Overview

• The White House formalized a reciprocal 19% tariff on Indonesian imports with tariff-free access for US exports under the new interim trade deal
• President Trump said talks with India are very close to yielding a pact that would cap duties below 20% ahead of the August 1 deadline
• The administration plans to notify more than 150 smaller economies that uniform 10%–15% tariffs will apply if they fail to reach bilateral agreements by August 1
• June’s consumer price index rose 2.7% year-over-year as businesses passed higher import duties onto shoppers, prompting the Fed to pause rate cuts
• Canada announced 25% duties on steel containing Chinese-melted metal in a direct response to US trade actions