President Trump is pushing through with his tariff agenda, unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August and a warning to BRICS nations.

In a letter posted to Truth Social late on Thursday, Trump has announced a broad 35% tariff on Canadian goods, claiming that the US’s northern neighbor had “financially retaliated” to the duties announced earlier in the year. Trump doubled down on the economic threats by saying that any fiscal retort from Canada will be tacked onto the 35% set to take effect Aug. 1.

Trump did not indicate whether a current tariff exclusion for USMCA-compliant goods would continue to apply post-August.

In an interview with NBC News published late Thursday, Trump also floated 15% to 20% blanket tariffs on most trading partners, higher than the 10% level currently in effect.

Looking back across a busy week, Trump levied a 50% tariff on goods from Brazil, citing its treatment of former President Jair Bolsonaro, now on trial in Brazil’s Supreme Court on charges that he plotted a coup in 2022. It came as part of a barrage throughout the week, with Trump setting tariff rates of 20% to 40% on over 20 trade partners.

Meanwhile, Trump injected fresh uncertainty into the metal market this week, confirming 50% copper import tariffs from Aug. 1 to match steel and aluminum. He also suggested a 200% pharmaceuticals tariff down the line.

Elsewhere, China warned Trump on Tuesday against restarting trade tensions and that it would hit back at countries that make deals with the US to exclude China from supply chains.

Here is where things stand with various other partners:

Vietnam: A deal with Vietnam will see the country’s imports face a 20% tariff — lower than the 46% Trump had threatened in April. He also said Vietnamese goods would face a higher 40% tariff “on any transshipping” — when goods shipped from Vietnam originate from another country, like China.

European Union: The EU has signaled it is willing to accept a 10% universal tariff on many of its exports but is seeking exemptions for certain sectors. The bloc is racing to clinch a deal this week.

Read more: What Trump’s tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

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1403 updates

Trump goes on Carney offensive with 35% tariffs on all Canadian imports President Trump has sent a letter to Canadian Prime Minister Mark Carney announcing broad 35% tariffs on all imports from the country. Citing issues with Fentanyl crossing the northern border as a chief reason for the establishment of these tariffs, despite Fentanyl seizures on the Canadian border making up less than 1% of the amount discovered entering the country, according to the BBC. Additionally, Trump referenced a “Trade Deficit” between the neighbouring countries and “fiscal retaliation” from tariffs set earlier in the year. Trump also pointed to duties charged on American dairy imports as a matter of National Security. The letter in full below:

Copper traders look to Chinese buyers in post Trump-tariff world Global copper traders are now shifting from the US and offering cargoes of copper to Chinese buyers as they look to offload metal no longer able to reach the US before President Trump’s 50% tariff deadline kicks in. Reuters reports: Read more here.

Trump copper tariffs could help Antofagasta’s stalled US project: CEO For one company, President Trump’s tariffs might not be such a bad thing. Chilean copper miner Antofagasta (ANFGF) said on Thursday that it sees an opportunity for its stalled copper project in the United States following the Trump administration’s move to impose 50% import tariffs on the metal, CEO Ivan Arriagada said on Thursday. Reuters reports: Read more here.

Trump’s Brazil tariffs gift Lula surprise tailwind for 2026 vote For months, Brazil flew under President Trump’s tariff radar, but in recent weeks, Trump has posted on Truth Social about the treatment of former Brazilian President and ally Jair Bolsonaro. Brazil avoided Trump’s tariffs until Wednesday, when Trump threatened to slap 50% tariffs on Brazil imports into the US. Now in the spotlight, could President Luiz Inacio Lula da Silva benefit from the attention? Bloomberg News reports: Read more here.

Brazil scrambles to respond to Trump’s 50% tariffs Reports out of Brazil have said the country scrambled to respond to President Trump’s announcement of 50% tariffs on Brazilian exports. The government was caught on the hop with President Luiz Inacio Lula da Silva bringing together an urgent cabinet meeting on Thursday as officials worked to de-escalate the crisis. Reuters reports: Read more here.

US coffee, orange juice prices could surge if Trump’s Brazil tariffs stick US consumers will soon face a sharp rise in food staples like coffee and orange juice if the Trump administration sticks to its 50% tariffs on all imports from Brazil, according to a statement from traders and experts on Thursday. Reuters reports: Read more here.

Conagra says tariff costs will hit annual profit Reuters reports: Read more here.

German exporters don’t want US trade deal ‘at any price’: Trade group German exporters have come out fighting against President Trump and said they won’t settle for just any trade deal with the US. Dirk Jandura, head of the BGA trade lobby said they want a “fair deal” for the whole of Europe. Reuters reports: Read more here.

Coffee prices climb after Donald Trump threatens 50% tariffs on Brazil Coffee futures (KC=F) rose on Thursday after President Trump threatened to slap a 50% tariff on Brazil, the world’s largest producer. The news has shaken the industry and risks US consumers seeing a price surge. The FT reports Read more here.

Hasbro’s CEO: Toy prices could start to rise in the fall because of tariffs Trouble may be on the horizon for US toymakers as Hasbro (HAS) CEO Chris Cooks said toy prices will likely rise later this year, especially if higher tariffs take effect. CNN reports: Read more here.

Trump promised 200 deals by now. He’s gotten 3, and 1 more is getting very close President Trump made a statement as his first 100 days in office came to a close in late April, he said he had completed trade deals with 200 countries. Two months on and Trump has announced just three of those agreements, which include a trade truce and framework with China and deals with the UK and Vietnam. So what happened? CNN reports: Read more here.

Trump pushes 50% copper tariff to come into effect August 1 President Trump has announced a 50% tariff on all copper imports to the US to come into effect on August 1, following through with statements earlier this week. Posting on Truth Social, the president said: About half of the copper used in the US is imported, with the vast majority coming from Chile, according to Reuters. The other half is domestically mined and processed, with a significant portion coming out of Arizona. At this time, Trump has not indicated plans to increase domestic production, nor shown a road map around how the metal, essential in electronics across a number of industries, will be sourced for usage.

Trump comes to Bolsonaro’s defense in tariff letter imposing 50% duties on Brazil President Trump added Brazil to the list of countries receiving tariff letters today, though he diverged from the usual template. Instead of citing the US’s trade imbalance, Trump issued the letter in service of former President Jair Bolsonaro, who is facing charges of planning a coup after he lost the 2022 election and potentially prison time if convicted by Brazil’s Supreme Court. “The way that Brazil has treated former President Bolsonaro, a Highly Respected Leader throughout the World during his Term, including by the United States, is an international disgrace,” Trump wrote in the letter. “This Trial should not be taking place. It is a Witch Hunt that should end IMMEDIATELY!” Trump stated that starting Aug. 1, imports from Brazil to the US will face a 50% tariff. In another divergence from recent tariff announcements, which have largely tracked “Liberation Day” tariffs, the 50% rate on Brazilian goods is far higher than the 10% announced in April. Brazil previously had a lower tariff rate because it is one of the few countries with which the United States has a trade surplus. In the first three months of the year, the US exported $650 million more in goods to Brazil than it imported.

Presidents of Mexico, Chile respond to Trump’s copper tariff announcement Mexico’s President Claudia Sheinbaum said on Wednesday that the country could redirect the copper it sends to the US to other markets to avoid potential tariffs from the Trump administration. Meanwhile, Chilean President Gabriel Boric called for “official” communication on the copper tariffs Trump mentioned during a Cabinet meeting on Tuesday. Reuters reports: Read more here.

Trump posts new batch of tariff letters President Trump promised seven letters today. Late this morning, he posted to: Philippines Brunei Moldova Algeria Iraq Libya Sri Lanka Most are roughly in line with duties he announced on “Liberation Day.” You can see a full breakdown of the new tariffs Trump has announced here (remember, these are announced, but they take effect Aug. 1):

Trump’s BRICS warning to India adds new twist to possible trade deal President Trump is hoping to reach a trade deal with India, touting the potential for months since his April tariff pause. But the latest twist in the president’s topsy-turvy trade policy, which he himself introduced this week, could complicate things. Bloomberg reports: Some added intrigue: India will assume BRICS chairmanship next year. Read more here.

Trump delayed reciprocal tariffs after Bessent wanted more time on deals President Trump decided to delay his reciprocal tariffs to Aug. 1 after discussions with Treasury Secretary Scott Bessent. Bessent and others told the president that he could get trade deals with more time, according to an exclusive report in the Wall Street Journal on Wednesday. Bessent and other advisers within the Trump administration felt that they were making progress on several deals with trading partners, which included India and the European Union. An initial pause on the reciprocal tariffs was set to lapse at 12:01 a.m. Wednesday until Trump on Monday further postponed the implementation date for three weeks and sent out letters warning countries of the rates they would face on that day. Trump had talked about ending tariff deals and letting the tariffs take effect. But after Bessent told him some deals were nearly done, but needed more time, Trump changed his mind. Bessent was also the one who convinced Trump to pause his April ‘Liberation Day’ tariffs for 90 days after they shook global markets. As a result, Trump sent out letters along with the delay as a negotiating tactic to salvage last-minute concessions from trading partners, according to the WSJ report. On Tuesday, Trump reinforced his copper tariff threat — which he initially introduced in February, and said that he would impose 50% tariffs on copper and up to 20%% tariffs on pharmaceuticals. Trump went further on Tuesday evening by saying he will be releasing more letters on Wednesday. “We will be releasing a minimum of 7 Countries having to do with trade, tomorrow morning, with an additional number of Countries being released in the afternoon. Thank you for your attention to this matter!” Trump also said it would be impossible for every country to get a deal to avoid reciprocal tariffs. “We got 200 countries. We can’t meet with 200 countries,” he said during the meeting.

EU is pushing for early US tariff relief, ‘stand-still’ clause: Senior lawmaker The European Union may be getting closer to securing a trade agreement with the United States, according to the the head of the European Parliament’s trade committee. But the trade bloc is struggling to obtain immediate tariff relief and a commitment from the US not to introduce new measures. European Commission President Ursula von der Leyen also said on Wednesday that it is working closely with President Trump’s administration to reach a deal. “We stick to our principles, we defend our interests, we continue to work in good faith, and we get ready for all scenarios,” von der Leyen told the European Parliament. Reuters reports: Read more here.

US used car prices surge as tariffs drive market volatility Reuters reports: Read more here.

Trump promises more tariff letters and warns BRICS of what’s coming President Trump took to Truth Social again on Tuesday and amped up his trade threats, promising to unveil tariffs on at least seven countries on Wednesday. He posted: “We will be releasing a minimum of 7 Countries having to do with trade, tomorrow morning, with an additional number of Countries being released in the afternoon.” Commerce Secretary Howard Lutnick told CNBC earlier on Tuesday that 15 to 20 letters are expected to be sent over the next two days. The latest warning came as Trump vowed to put a 10% levy on imports from BRICS nations on Monday. He also revealed plans for a 50% tariff on copper imports and a 200% import tax on pharmaceuticals. The US president posted 14 letters on Truth Social that he had sent to countries on Monday, including South Africa, Malaysia, and Thailand, outlining tariffs ranging from 25% to 40%. This message was reinforced on Tuesday with Trump saying that there will be no extensions and payments will be due on Aug. 1. CNN reports: Read more here.

President Donald Trump said Tuesday there would be “no extensions” granted to the new Aug. 1 deadline he set Monday for U.S. trading partners to negotiate new deals or face significantly higher tariffs on goods imported from their countries.

In a Truth Social post, Trump wrote:

“As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 — No extensions will be granted. Thank you for your attention to this matter!”

Stocks, already on edge after Trump began sending out warning letters Monday, fell meaningfully into the red after the post went live, though returned to nearly flat on the day shortly after noon Tuesday.

In remarks to reporters around 12:30 p.m. Tuesday, Trump clarified, “We can do things over the years, too. … We’re not hard-line.”

He also appeared to backpedal on announcing deals that Treasury Secretary Scott Bessent said Monday would materialize in 48 hours.

“The deals are mostly my deal to them,” Trump said. “We’re picking a number that’s low.”

In a note to clients published shortly before Trump’s midday remarks, titled “Markets are (probably) right to ignore Trump’s latest tariff flip-flop,” Capital Economics Deputy Chief Markets Economist Jonas Goltermann wrote that his group ultimately expects U.S effective tariff rates to remain around their current levels.

“While continued noise around tariffs could well generate some volatility in the near term, we think the bar for another major sell-off remains quite high,” he said.

Trump announced the new deadline while publishing more than a dozen letters warning countries their goods would be subject to tariff levels close to the eye-watering ones he laid out in his shock “Liberation Day” speech in April.

“The tariff rollercoaster ride continues,” ING analysts wrote in a note Monday. “While the ‘letters’ leave some more room for continued frontloading — although shipping times need to be considered — and negotiations, they also mean that the tariff saga continues.”

“The ongoing uncertainty could do almost as much economic harm as actual tariffs,” they added.

Other Wall Street analysts estimated that the tariff rates contained in the 14 letters sent out so far could add slightly to consumer inflation, even though many of the recipients are small trading partners.

The Yale Budget Lab noted that the letters sent Monday would hike the effective tariff rate on U.S. consumers to the highest since 1934.

Bank of America analysts said in a note that they “don’t think the tariffs announced on Monday are a done deal,” adding that — despite Trump’s assertions — they view the deadline extension to Aug. 1 as a suggestion that “there is still room for negotiation.”

With passage of his controversial tax cut and spending bill now behind him, Trump is once again stoking the fires of his trade war. He remains fixated on closing the U.S.’s trade gap — or the difference in how much America imports versus how much it exports — with other nations.

It’s a preoccupation many economists dismiss as simplistic, since it merely reflects the fact that the U.S. is a large, advanced economy that no longer needs to produce goods, from clothing to school supplies, that can be made more cost-effectively elsewhere.

Meanwhile, the economies of the smaller nations that the U.S. relies on to supply it with those lower-cost goods stand to be devastated by any changes to trade flows.

Nations around the world have responded by signaling resistance to the latest round of Trump’s threats. Chinese state media warned the Trump administration Tuesday against striking deals that sideline China, especially tariffs on transshipments aimed at circumventing China’s duties. Meanwhile, Germany’s finance minister warned that the European Union would impose retaliatory measures on U.S. goods if a “fair” deal does not materialize.

“We want an agreement with the Americans, but I also say very clearly that this deal must be fair,” Lars Klingbeil told German parliament members Tuesday. “And if we do not succeed in reaching a fair deal with the United States, then the European Union will have to take countermeasures to protect our economy.”

Following the passage of its tax cut and spending bill last week, the Trump administration promised more trade deals.

Instead, it’s been a return to chaos.

So far this week, President Donald Trump has warned he plans to impose 50% tariffs on copper-based goods by Aug. 1, his new deadline for countries to come to the table and negotiate. That sent copper prices to all-time highs. He also said pharmaceutical products could face duties as high as 200%, though firms would have as long as 18 months to prepare.

Meanwhile, Treasury Secretary Scott Bessent indicated he expected to announce new trade pacts by midweek, while dozens of other countries would be receiving letters laying out tariff proposals.

“We are close to several deals as always,” Bessent said on CNN’s “State of the Union” Sunday. “There’s a lot of foot-dragging on the other side, and so I would expect to see announcements over the next couple of days.”

He continued: “When we send out the 100 letters to these countries, that will set their tariff rate. So we’re going to have 100 done in the next few days.”

As of Thursday, no new deals have been announced, while Trump has published just 22 letters, many to minor trading partners like Brunei, Moldova and Sri Lanka.

In the case of Brazil, which now faces a potential 50% levy, the president has abandoned the pretense of using his tariff policy to shore up trade deficits. The U.S. has a trade goods surplus with the South American nation. Instead, he cited its treatment of former President Jair Bolsonaro as a rationale for the tariffs.

Current Brazilian President Luiz Inácio Lula da Silva said his country would respond with “reciprocity.”

It’s a reversion to the frenzied initial weeks of Trump’s second term, when the president would announce tariff objectives that could seemingly shift in a matter of hours. Amid signs of a slowing economy, the president has chosen to inject it with another dose of uncertainty. While the market reaction has so far been more muted compared to the record sell-off that occurred in the wake of Trump’s shock “Liberation Day” speech on April 2, the latest announcements have slowed the momentum that helped return stocks to all-time highs.

“It is possible these tariffs will never be implemented, as some in the market are hoping for,” J.P. Morgan analysts wrote in a note to clients Wednesday. “But our call that the trade war détente would not hold is still tracking, and we still see the US effective rate settling closer to 18% than its current 14%.”

The new duty levels announced in the letters show the president recapitulating the eye-watering percentages he announced on “Liberation Day.” Earlier this week, Trump offered an explanation for the figures, saying they were “based on common sense, based on deficits, based on how we’ve been treated over the years, and based on raw numbers.”

“Brazil as an example, has not been good to us. Not good at all,” Trump said.

The White House has said the new round of tariffs would be enacted under the International Emergency Economic Powers Act. It’s an authority that is currently being litigated in court. Yet it is not immediately evident how such an explicitly political rationale would qualify. A White House official said it would still apply to the other aspects Trump mentions in his letter, namely “unfair treatment” in relations with the U.S. — and that more deals would be coming shortly.

The administration continues to insist that the tariff strategy is working. The president has cited billions in federal revenues raised by the new duties, while also touting additional billions in investments made by firms in the U.S. Yet analysts see tariff revenues as far from adequate to address the United States’ fiscal imbalances, and say the tariffs themselves represent a drag on U.S. growth.

Meanwhile, many of the investments Trump has heralded were already in the works. Others have been paused. And large projects, like new factories and assembly lines, can take years to bring online.

Others note the administration is making it more expensive for existing U.S. manufacturers to produce goods by raising the cost of key imports like steel, aluminum and copper while inviting countries to introduce retaliatory tariffs on U.S. exports.

It’s possible that the turbulence will subside. Stock price volatility has dropped to its lowest levels of the year, while stocks remain at all-time highs. In a note to clients Thursday, analysts with Capital Economics dismissed the current patch as mostly bluster that would have little in the way of wider market implications.

“Donald Trump’s planned imposition of a 50% tariff on Brazil for seemingly political reasons may represent a new milestone,” they wrote, “but Brazil simply isn’t a big enough trading partner of the US to rattle global markets. For that to happen, negotiations with either the EU or China would probably have to sour.”

Yet others, including the Federal Reserve, continue to brace for inflation. In a note to clients Thursday, analysts with BNP Paribas said they expect the Federal Reserve to hold interest rates at current levels for the rest of the year as the inflation effect begins to be felt around the fall.

“It remains eminently possible that companies opt to pass through tariff costs in the fall rather than summer,” they wrote. “It could be hard to avoid a still-present risk of tariff inflation on the horizon, in our view, even if no visible effects arise over the summer.”

President Trump is pushing through with his tariff agenda, unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August and a warning to BRICS nations.

In a letter posted to Truth Social late on Thursday, Trump has announced a broad 35% tariff on Canadian goods, claiming that the US’s northern neighbor had “financially retaliated” to the duties announced earlier in the year. Trump doubled down on the economic threats by saying that any fiscal retort from Canada will be tacked onto the 35% set to take effect Aug. 1.

Trump did not indicate whether a current tariff exclusion for USMCA-compliant goods would continue to apply post-August.

In an interview with NBC News published late Thursday, Trump also floated 15% to 20% blanket tariffs on most trading partners, higher than the 10% level currently in effect.

Looking back across a busy week, Trump levied a 50% tariff on goods from Brazil, citing its treatment of former President Jair Bolsonaro, now on trial in Brazil’s Supreme Court on charges that he plotted a coup in 2022. It came as part of a barrage throughout the week, with Trump setting tariff rates of 20% to 40% on over 20 trade partners.

Meanwhile, Trump injected fresh uncertainty into the metal market this week, confirming 50% copper import tariffs from Aug. 1 to match steel and aluminum. He also suggested a 200% pharmaceuticals tariff down the line.

Elsewhere, China warned Trump on Tuesday against restarting trade tensions and that it would hit back at countries that make deals with the US to exclude China from supply chains.

Here is where things stand with various other partners:

Vietnam: A deal with Vietnam will see the country’s imports face a 20% tariff — lower than the 46% Trump had threatened in April. He also said Vietnamese goods would face a higher 40% tariff “on any transshipping” — when goods shipped from Vietnam originate from another country, like China.

European Union: The EU has signaled it is willing to accept a 10% universal tariff on many of its exports but is seeking exemptions for certain sectors. The bloc is racing to clinch a deal this week.

Read more: What Trump’s tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

LIVE

1403 updates

Trump goes on Carney offensive with 35% tariffs on all Canadian imports President Trump has sent a letter to Canadian Prime Minister Mark Carney announcing broad 35% tariffs on all imports from the country. Citing issues with Fentanyl crossing the northern border as a chief reason for the establishment of these tariffs, despite Fentanyl seizures on the Canadian border making up less than 1% of the amount discovered entering the country, according to the BBC. Additionally, Trump referenced a “Trade Deficit” between the neighbouring countries and “fiscal retaliation” from tariffs set earlier in the year. Trump also pointed to duties charged on American dairy imports as a matter of National Security. The letter in full below:

Copper traders look to Chinese buyers in post Trump-tariff world Global copper traders are now shifting from the US and offering cargoes of copper to Chinese buyers as they look to offload metal no longer able to reach the US before President Trump’s 50% tariff deadline kicks in. Reuters reports: Read more here.

Trump copper tariffs could help Antofagasta’s stalled US project: CEO For one company, President Trump’s tariffs might not be such a bad thing. Chilean copper miner Antofagasta (ANFGF) said on Thursday that it sees an opportunity for its stalled copper project in the United States following the Trump administration’s move to impose 50% import tariffs on the metal, CEO Ivan Arriagada said on Thursday. Reuters reports: Read more here.

Trump’s Brazil tariffs gift Lula surprise tailwind for 2026 vote For months, Brazil flew under President Trump’s tariff radar, but in recent weeks, Trump has posted on Truth Social about the treatment of former Brazilian President and ally Jair Bolsonaro. Brazil avoided Trump’s tariffs until Wednesday, when Trump threatened to slap 50% tariffs on Brazil imports into the US. Now in the spotlight, could President Luiz Inacio Lula da Silva benefit from the attention? Bloomberg News reports: Read more here.

Brazil scrambles to respond to Trump’s 50% tariffs Reports out of Brazil have said the country scrambled to respond to President Trump’s announcement of 50% tariffs on Brazilian exports. The government was caught on the hop with President Luiz Inacio Lula da Silva bringing together an urgent cabinet meeting on Thursday as officials worked to de-escalate the crisis. Reuters reports: Read more here.

US coffee, orange juice prices could surge if Trump’s Brazil tariffs stick US consumers will soon face a sharp rise in food staples like coffee and orange juice if the Trump administration sticks to its 50% tariffs on all imports from Brazil, according to a statement from traders and experts on Thursday. Reuters reports: Read more here.

Conagra says tariff costs will hit annual profit Reuters reports: Read more here.

German exporters don’t want US trade deal ‘at any price’: Trade group German exporters have come out fighting against President Trump and said they won’t settle for just any trade deal with the US. Dirk Jandura, head of the BGA trade lobby said they want a “fair deal” for the whole of Europe. Reuters reports: Read more here.

Coffee prices climb after Donald Trump threatens 50% tariffs on Brazil Coffee futures (KC=F) rose on Thursday after President Trump threatened to slap a 50% tariff on Brazil, the world’s largest producer. The news has shaken the industry and risks US consumers seeing a price surge. The FT reports Read more here.

Hasbro’s CEO: Toy prices could start to rise in the fall because of tariffs Trouble may be on the horizon for US toymakers as Hasbro (HAS) CEO Chris Cooks said toy prices will likely rise later this year, especially if higher tariffs take effect. CNN reports: Read more here.

Trump promised 200 deals by now. He’s gotten 3, and 1 more is getting very close President Trump made a statement as his first 100 days in office came to a close in late April, he said he had completed trade deals with 200 countries. Two months on and Trump has announced just three of those agreements, which include a trade truce and framework with China and deals with the UK and Vietnam. So what happened? CNN reports: Read more here.

Trump pushes 50% copper tariff to come into effect August 1 President Trump has announced a 50% tariff on all copper imports to the US to come into effect on August 1, following through with statements earlier this week. Posting on Truth Social, the president said: About half of the copper used in the US is imported, with the vast majority coming from Chile, according to Reuters. The other half is domestically mined and processed, with a significant portion coming out of Arizona. At this time, Trump has not indicated plans to increase domestic production, nor shown a road map around how the metal, essential in electronics across a number of industries, will be sourced for usage.

Trump comes to Bolsonaro’s defense in tariff letter imposing 50% duties on Brazil President Trump added Brazil to the list of countries receiving tariff letters today, though he diverged from the usual template. Instead of citing the US’s trade imbalance, Trump issued the letter in service of former President Jair Bolsonaro, who is facing charges of planning a coup after he lost the 2022 election and potentially prison time if convicted by Brazil’s Supreme Court. “The way that Brazil has treated former President Bolsonaro, a Highly Respected Leader throughout the World during his Term, including by the United States, is an international disgrace,” Trump wrote in the letter. “This Trial should not be taking place. It is a Witch Hunt that should end IMMEDIATELY!” Trump stated that starting Aug. 1, imports from Brazil to the US will face a 50% tariff. In another divergence from recent tariff announcements, which have largely tracked “Liberation Day” tariffs, the 50% rate on Brazilian goods is far higher than the 10% announced in April. Brazil previously had a lower tariff rate because it is one of the few countries with which the United States has a trade surplus. In the first three months of the year, the US exported $650 million more in goods to Brazil than it imported.

Presidents of Mexico, Chile respond to Trump’s copper tariff announcement Mexico’s President Claudia Sheinbaum said on Wednesday that the country could redirect the copper it sends to the US to other markets to avoid potential tariffs from the Trump administration. Meanwhile, Chilean President Gabriel Boric called for “official” communication on the copper tariffs Trump mentioned during a Cabinet meeting on Tuesday. Reuters reports: Read more here.

Trump posts new batch of tariff letters President Trump promised seven letters today. Late this morning, he posted to: Philippines Brunei Moldova Algeria Iraq Libya Sri Lanka Most are roughly in line with duties he announced on “Liberation Day.” You can see a full breakdown of the new tariffs Trump has announced here (remember, these are announced, but they take effect Aug. 1):

Trump’s BRICS warning to India adds new twist to possible trade deal President Trump is hoping to reach a trade deal with India, touting the potential for months since his April tariff pause. But the latest twist in the president’s topsy-turvy trade policy, which he himself introduced this week, could complicate things. Bloomberg reports: Some added intrigue: India will assume BRICS chairmanship next year. Read more here.

Trump delayed reciprocal tariffs after Bessent wanted more time on deals President Trump decided to delay his reciprocal tariffs to Aug. 1 after discussions with Treasury Secretary Scott Bessent. Bessent and others told the president that he could get trade deals with more time, according to an exclusive report in the Wall Street Journal on Wednesday. Bessent and other advisers within the Trump administration felt that they were making progress on several deals with trading partners, which included India and the European Union. An initial pause on the reciprocal tariffs was set to lapse at 12:01 a.m. Wednesday until Trump on Monday further postponed the implementation date for three weeks and sent out letters warning countries of the rates they would face on that day. Trump had talked about ending tariff deals and letting the tariffs take effect. But after Bessent told him some deals were nearly done, but needed more time, Trump changed his mind. Bessent was also the one who convinced Trump to pause his April ‘Liberation Day’ tariffs for 90 days after they shook global markets. As a result, Trump sent out letters along with the delay as a negotiating tactic to salvage last-minute concessions from trading partners, according to the WSJ report. On Tuesday, Trump reinforced his copper tariff threat — which he initially introduced in February, and said that he would impose 50% tariffs on copper and up to 20%% tariffs on pharmaceuticals. Trump went further on Tuesday evening by saying he will be releasing more letters on Wednesday. “We will be releasing a minimum of 7 Countries having to do with trade, tomorrow morning, with an additional number of Countries being released in the afternoon. Thank you for your attention to this matter!” Trump also said it would be impossible for every country to get a deal to avoid reciprocal tariffs. “We got 200 countries. We can’t meet with 200 countries,” he said during the meeting.

EU is pushing for early US tariff relief, ‘stand-still’ clause: Senior lawmaker The European Union may be getting closer to securing a trade agreement with the United States, according to the the head of the European Parliament’s trade committee. But the trade bloc is struggling to obtain immediate tariff relief and a commitment from the US not to introduce new measures. European Commission President Ursula von der Leyen also said on Wednesday that it is working closely with President Trump’s administration to reach a deal. “We stick to our principles, we defend our interests, we continue to work in good faith, and we get ready for all scenarios,” von der Leyen told the European Parliament. Reuters reports: Read more here.

US used car prices surge as tariffs drive market volatility Reuters reports: Read more here.

Trump promises more tariff letters and warns BRICS of what’s coming President Trump took to Truth Social again on Tuesday and amped up his trade threats, promising to unveil tariffs on at least seven countries on Wednesday. He posted: “We will be releasing a minimum of 7 Countries having to do with trade, tomorrow morning, with an additional number of Countries being released in the afternoon.” Commerce Secretary Howard Lutnick told CNBC earlier on Tuesday that 15 to 20 letters are expected to be sent over the next two days. The latest warning came as Trump vowed to put a 10% levy on imports from BRICS nations on Monday. He also revealed plans for a 50% tariff on copper imports and a 200% import tax on pharmaceuticals. The US president posted 14 letters on Truth Social that he had sent to countries on Monday, including South Africa, Malaysia, and Thailand, outlining tariffs ranging from 25% to 40%. This message was reinforced on Tuesday with Trump saying that there will be no extensions and payments will be due on Aug. 1. CNN reports: Read more here.

President Donald Trump and his advisers promised a lightning round of global trade negotiations with dozens of countries back in April

WASHINGTON — President Donald Trump and his advisers promised a lightning round of global trade negotiations with dozens of countries back in April.

White House trade adviser Peter Navarro predicted “90 deals in 90 days.’’ Administration officials declared that other countries were desperate to make concessions to avoid the massive import taxes – tariffs — that Trump was threatening to plaster on their products starting July 9.

But the 90 days have come and gone. And the tally of trade deals stands at two – one with the United Kingdom and one with Vietnam. Trump has also announced the framework for a deal with China, the details of which remain fuzzy.

Trump has now extended the deadline for negotiations to Aug. 1 and tinkered with his threatened tariffs, leaving the global trading system pretty much where it stood three months ago — in a state of limbo as businesses delay decisions on investments, contracts and hiring because they don’t know what the rules will be.

“It’s a rerun, basically,’’ said William Reinsch, a former U.S. trade official who’s now an adviser with the Center for Strategic and International Studies think tank. Trump and his team “don’t have the deals they want. So they’re piling on the threats.”

The pattern has repeated itself enough times to earn Trump the label TACO — an acronym coined by The Financial Times’ Robert Armstrong that stands for “Trump Always Chickens Out.”

“This is classic Trump: Threaten, threaten more, but then extend the deadline,” Reinsch said. “July 30 arrives, does he do it again if he still doesn’t have the deals?’’ (Trump said Tuesday that there will be no more extensions.)

The deal drought represents a collision with reality.

Negotiating simultaneously with every country on earth was always an impossible task, as Trump himself belatedly admitted last month in an interview with the Fox News Channel. (“There’s 200 countries,’’ the president said. “You can’t talk to all of them.’’) And many trading partners — such as Japan and the European Union — were always likely to balk at Trump’s demands, at least without getting something in return.

“It’s really, really hard to negotiate trade agreements,” which usually takes several months even when it involves just one country or a small regional group, said Chad Bown, an economic adviser in the Obama White House and now senior fellow at the Peterson Institute for International Economics. “What the administration is doing is negotiating a bunch of these at the same time.’’

The drama began April 2 – “Liberation Day,” Trump called it — when the tariff-loving president announced a so-called baseline 10% import tax on everybody and what he called “reciprocal’’ levies of up to 50% on countries with which the United States runs trade deficits.

The 10% baseline tariffs appear to be here to stay. Trump needs them to raise money to patch the hole his massive tax-cut bill is blasting into the federal budget deficit.

By themselves, the baseline tariffs represent a massive shift in American trade policy: Tariffs averaged around 2.5% when Trump returned to the White House and were even lower before he started raising them in his first term.

But the reciprocal tariffs are an even bigger deal.

In announcing them, Trump effectively blew up the rules governing world trade. For decades, the United States and most other countries abided by tariff rates set through a series of complex negotiations known as the Uruguay round. Countries could set their own tariffs – but under the “most favored nation’’ approach, they couldn’t charge one country more than they charged another.

Now Trump is setting the tariff rates himself, creating “tailor-made trade plans for each and every country on this planet,’’ in the words of White House press secretary Karoline Leavitt.

But investors have recoiled at the audacious plan, fearing that it will disrupt trade and damage the world economy. Trump’s Liberation Day tariffs, for instance, set off a four-day rout in global financial markets. Trump blinked. Less than 13 hours after the reciprocal tariffs took effect April 9, he abruptly suspended them for 90 days, giving countries time to negotiate with his trade team.

Despite the Trump administration’s expressions of confidence, the talks turned into a slog.

“Countries have their own politics, their own domestic politics,” Reinsch said. “Trump structured this ideally so that all the concessions are made by the other guys and the only U.S. concession is: We don’t impose the tariffs.’’

But countries like South Korea and Japan needed “to come back with something,’’ he said. Their thinking: “We have to get some concessions out of the United States to make it look like this is a win-win agreement and not a we-fold-and-surrender agreement. ”

Japan, for example, wanted relief from another Trump tariff — 50% levies on steel and aluminum.

Countries may also be hesitant to reach a deal with the United States while the Trump administration conducts investigations that might result in new tariffs on a range of products, including pharmaceuticals and semiconductors.

Frustrated by the lack of progress, Trump on Monday sent letters to Japan, South Korea and 12 other countries, saying he’d hit them with tariffs Aug. 1 if they couldn’t reach an agreement. The levies were close to what he’d announced on April 2; Japan’s, for example, would be 25%, compared to the 24% unveiled April 2.

Trump did sign an agreement last month with the United Kingdom that, among other provisions, reduced U.S. tariffs on British automotive and aerospace products while opening the U.K. market for American beef and ethanol. But the pact kept the baseline tariff on British products mostly in place, underlining Trump’s commitment to the 10% tax despite the United States running a trade surplus — not a deficit — with the U.K. for 19 straight years, according to the U.S. Commerce Department.

On July 2. Trump announced a deal with Vietnam. The Vietnamese agreed to let U.S. products into the country duty free while accepting a 20% tax on their exports to the United States, Trump said, though details of the agreement have not been released.

The lopsided deal with Vietnam suggests that Trump can successfully use the tariff threat to bully concessions out of smaller economies.

“They just can’t really negotiate in the same way that the (European Union) or Korea or Japan (or) Canada can negotiate with the United States,’’ said Dan McCarthy, principal in McCarthy Consulting and a former official with the Office of the U.S. Trade Representative in the Biden administration. “A lot of (smaller) countries just want to get out of this and are willing to cut their losses.’’

But wrangling a deal with bigger trading partners is likely to remain tougher.

“The U.S. is gambling that these countries will ultimately be intimidated and fold,” Reinsch said. “And the countries are gambling that the longer this stretches out, and the longer it goes without Trump producing any more deals, the more desperate he gets; and he lowers his standards.

“It’s kind of a giant game of chicken.’’