#TrumpTariffs President Trump has announced that within the next one to two weeks, the U.S. will unilaterally send letters to around 150 countries—including Japan, South Korea, and the EU—outlining new tariff rates under a “take-it-or-leave-it” framework .
In addition, Trump confirmed a "done deal" trade framework with China, featuring a 55% tariff on Chinese imports (reflecting the sum of baseline, fentanyl-related, and existing tariffs) while China maintains a 10% rate on U.S. goods. China would also resume rare earths and magnet exports; the U.S. would ease visa restrictions for Chinese students .
Market Reaction:
The U.S. dollar dropped to a three-year low, sliding ~0.9% in response to these trade moves .
UK exports to the U.S. plunged—April saw a £2 billion drop attributed to these tariff actions .
At the Kennedy Center, Trump reiterated that after the 90-day tariff pause ends on July 8, letters with final rates will go out; some friendly nations might get deadline extensions, but Europe may be among the last to conclude .
