What has Trump been busy with in the past 24 hours?
(2025-08-01)
1. Finalizing new 'reciprocal' tariffs: specific rates range from 10% to 41%, with the effective date postponed by 7 days — On Thursday evening local time, US President Trump signed an executive order imposing tariffs ranging from 15% to 41% on goods exported from 67 trading partners to the US, raising the tariff level to the highest in over a century. However, the new tariffs will not take effect until August 7, rather than the previously scheduled August 1.
2. Condemning Canada's inaction and retaliatory actions by raising tariffs from 25% to 35% — US President Trump signed an executive order on Thursday increasing tariffs on all Canadian goods not covered by the US-Mexico-Canada Agreement from 25% to 35%. According to a White House briefing, goods rerouted to another country to evade the new tariffs will incur a 40% transshipment tax. The White House stated that the tariff increase is a result of Canada’s 'continued inaction and retaliation.'
3. A strong crackdown on Switzerland announced with a 39% tariff — On Thursday evening local time, Trump signed an executive order imposing a 39% tariff on goods imported from Switzerland. This result is higher than the 31% tariff rate Trump initially threatened to impose in April.
4. Agreed to extend the temporary agreement with Mexico for 90 days
— Trump stated that the tariff agreement between the US and Mexico will
Extended for 90 days, Mexico will continue to pay a 25% tariff on fentanyl, a 25% tariff on automobiles, and a 50% tariff on steel, aluminum, and copper.
5. Pressuring 17 global pharmaceutical giants to significantly reduce
US drug prices — Trump sent a letter to the presidents of 17 major pharmaceutical companies outlining how they should significantly reduce prescription drug prices in the US to match those in other countries, and requested that the pharmaceutical companies make a binding commitment by September 29.
6. Criticizing Powell again as unsuitable for the position of Federal Reserve Chairman
— US President Trump stated on social media:
“Too late Mr. Jerome Powell, same old story!!
He acted too late, he is too angry, too foolish, and too politicized to be suitable for the position of Federal Reserve Chairman.
7. US Treasury Secretary expects the nomination for Federal Reserve Chairman to be announced by the end of the year — US Treasury Secretary Bessent stated that a list of candidates for Federal Reserve Chairman is being compiled, with two vacancies on the Federal Reserve Board. Bessent will interview for the Federal Reserve position, and the nomination for Federal Reserve Chairman is expected to be announced by the end of the year.
8. Growing pressure from public opinion — US President Trump's envoy Steve Witkoff will travel to Gaza on Friday with US Ambassador to Israel Mike Huckabee to verify the situation of aid distribution and initiate a new round of mediation for peace in Gaza.
9. Continued pressure on Russia, clearly stating that the Russia-Ukraine agreement must be reached
Complete by August 8 — The US informed the UN Security Council that