Here’s the latest on #TrumpTariffs and related developments:
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🇺🇸 What’s new today
Trump to set new unilateral tariffs within weeks
He’s expected to send letters to dozens of trading partners outlining country‑specific tariff rates, possibly in the next 1–2 weeks .
**US‑China tariff pact: 55% vs. 10%**
A tentative deal with China sets a total 55% tariff on Chinese goods and 10% on U.S. exports. It includes limited rare‑earth supply assurances but lacks long-term safeguards .
Steel & aluminum tariffs doubled
Under a Section 232 proclamation, tariffs on steel and aluminum rose from 25% to 50%, effective June 4. The UK is exempt until at least July 9 under a separate deal .
Appeals court holds off legal block
A federal appeals panel has paused a lower‑court injunction that found Trump’s sweeping “Liberation Day” tariffs illegal. Oral arguments are set for July 31 .
July 8 deadline for broad tariffs
A 90‑day pause on reciprocal tariffs on ~150 nations expires July 8, though Treasury Sec. Bessent says it may be extended for countries in good‑faith negotiations .
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🔍 Why it matters
Area affected Impact
Global trade & markets Stocks and the dollar reacted to tariff uncertainty; EU & Japan negotiating .
Manufacturing & consumers Steel tariff hikes may raise prices on items like canned goods by up to 15% .
Strategic supply chains Deal touches rare-earths for defense & autos, but critics say supply chain vulnerabilities remain .
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🔜 What to watch next
Watch for the actual letters outlining new tariff plans over the next 1–2 weeks.
Legal developments around July 31's court hearing may determine the future of the “Liberation Day” tariffs.
A possible extension of the July 8 pause—especially for the EU, Japan, Korea—will shape the next wave of tariff activity.
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