Here’s the latest on Trump’s tariffs as of July 8, 2025:
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🔥 What’s happening now
Trump has delayed the August 1 implementation of his “reciprocal tariffs” for a second time, giving trading partners more time to negotiate before rates increase .
He’s informing 14 countries they’ll face new tariffs ranging from 25% to 40% on imported goods unless deals are struck by August 1 .
Examples include:
25% for Japan, South Korea, Tunisia
30% for South Africa
32% for Indonesia
36% for Cambodia and Thailand
40% for Laos and Myanmar
Trump is also targeting BRICS nations with additional ~10% tariffs, particularly in response to “anti‑American” or de-dollarization moves .
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📜 Historical context
In April “Liberation Day,” Trump imposed a 10% universal tariff on all imports under IEEPA, later augmenting it for certain countries .
He also raised tariffs on steel and aluminum to 50%, on autos by 25%, and launched investigations into pharmaceuticals, copper, semiconductors, etc. .
As of June, the average applied US tariff reached around 15.8%, down from a peak of 27% earlier in the year .
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📉 Legal & market effects
A US trade court struck down the April reciprocal (IEEPA) tariffs, but other tariffs—like on steel, autos, and China—remain due to separate statutory authority .
The new tariff announcements have rattled global markets—Wall Street slid and Asian stock futures wavered, although major Asian markets rebounded .
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🌍 International response
Japan and South Korea face 25% tariffs and are racing to negotiate, with Japan indicating some progress has been made .
BRICS leaders, including Lula, condemned the move, saying the world doesn’t want a US “emperor” and positioning the bloc as an alternative to dollar dominance .
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✅ What this means
These tariffs represent the most aggressive US trade policy in over a century, applying across almost all goods.
Countries now have until August 1, 2025 to cut deals or face steep import duties.
The outcome could significantly reshape global trade alignments and inflame economic tensions.
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📊 Summary Table
Aspect Details
Deadline August 1, 2025
Tariff range 25%–40% on 14+ nations (plus ~10% on BRICS)
Mechanism Universal + country‑specific under IEEPA, layered with Section 232/301
Legal status Reciprocals struck down in part; core tariffs still in force
Market reaction Volatility in US & Asian markets
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Would you like a breakdown of how this affects a specific country or industry—like steel, autos, or electronics? Let me know, and I can dive deeper or focus on impacts for your region.