President Trump's Latest Tarriff Plans#TrumpTariffs

1. Tariff Extension to August 1

0-1The original "Liberation Day" tariffs (announced April 2 and paused for 90 days) were set to resume July 9, but the administration pushed the date to August 1, issuing letters to around 100 countries with new tariff rates ranging from 25% to 50%  .

437-0The White House Executive Order and letters sent on July 7 formally delayed implementation until August 1  .

2. Countries and Rates

586-0Letters were sent to 14–100 nations, including Japan and South Korea (25%), South Africa (30%), Malaysia, Thailand, Laos (25–40%)  .

832-0A Reuters breakdown echoes these country-specific rates and the August 1 deadline  .

3. New Tariff Categories

Additional tariffs announced include:

950-1Copper imports: 50% tariff by August 1  .

1103-0Potential pharmaceutical tariffs of up to 200%, with an 18‑month compliance window  .

4. Global and Market Reactions

1227-0Major economies (Japan, South Korea, EU) are scrambling to finalize trade deals before the deadline  .

1417-0Stock markets reacted negatively: the S&P 500 fell ~0.1%, Dow ~0.4%, and small-cap Russell 2000 rose slightly after mixed trading volumes  .

1577-0Economists warn these tariffs could shave off ~0.7 pp from U.S. GDP in 2025, raise consumer prices ~1.7%, and cost households $1,900–2,300 annually  .