- Extension and Notification of Tariffs: On July 7, President Trump signed an Executive Order extending the expiration of modified reciprocal tariffs until August 1, 2025, and notified 14 countries of updated tariff rates set to take effect on the same date.
- New Tariff Announcements: The Trump administration announced various new tariffs, including a 50% tariff on copper imports, a 35% tariff on Canada, and proposed tariffs of up to 200% on pharmaceuticals, with specific rates for Brazil also outlined.
- Implications for Businesses: The postponement of tariff increases until August 1 allows for continued trade negotiations, especially with key partners. Businesses importing goods from affected countries should prepare for potential tariff changes, review customs procedures, and stay informed on updates from relevant US authorities.
Source PwC
