#TrumpTariffs 🚨 Key Developments & Timelines

Aug 1 Deadline: Trump has firmly stated that no extensions will be allowed on the August 1 tariff deadline—tariffs will take effect as scheduled if trade deals aren’t finalized .

Target Countries: He’s warned at least 7 countries (with more to follow) will face new tariffs if no trade pacts are reached. Letters have gone to 14 nations—including Japan, South Korea, EU members—with tariffs of 25–40%, while a 50% tariff on copper and up to 200% on pharmaceuticals were announced .

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📈 Market & Economic Effects

Copper Surge & Stock Pullback: The 50% copper tariff spiked copper futures by ~13%—the sharpest daily move since 1968—and knocked the Dow ~0.4% lower .

Tariff Revenue Boost vs. Inflation: Tariff revenue soared to ~$24.2 B in May. But the Congressional Budget Office warns sustained tariffs could reduce GDP by ~0.06 pp annually and raise inflation by ~0.4% through 2026 .

Corporate & Consumer Impact: JPMorgan analysis shows tariffs could cost mid-sized U.S. firms ~$82.3 B, with firms passing around 50–60% of costs to consumers .

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⚖️ Legal & Trade Climate

Court Injunctions: Earlier “Liberation Day” tariffs were struck down by the U.S. Court of International Trade in May, citing lack of presidential authority under IEEPA — although new tariffs may use different legal justification .

90‑Day “Pause” Update: What began as a 90-day pause has mostly expired. Only limited trade deals were struck (UK, Vietnam, some China accords), hence the impending August 1 reinstatement .