his week, reciprocal tariffs were re-announced in the form of letters from the US Trump administration to trading partners who could not reach a trade deal within the previously granted 90-day pause.
Letters to 22 trading partners were sent with new tariff rates that will be implemented on August 1. The letters also invite foreign trade officials to the negotiating table. Among these trading partners, tariff letters were sent to countries like Japan, South Africa, South Korea, and more, reported Expana's Ryan Doyle.
Earlier in the week, US President Trump posted to Truth Social seemingly foreshadowing what was to come for US-Brazil trade relations. On July 9, President Trump sent a tariff notification letter assigning a 50% tariff to Brazilian imports—not to mention his previous post about an additional 10% tariff on BRICS (Brazil, Russia, India, China, South Africa) nations.
Every other letter to trading partners was standardized with similar, if not identical language. In addition to previous language around uneven trade and openness to negotiations, the letter to Brazil included President Trump’s commentary about a “witch hunt ” against former Brazilian President Bolsonaro as a main reason for the new tariff rate. The letter also accused the Brazilian government of infringing upon free speech. This new development will most certainly be felt across many agri-commodity markets for now, and in the future Brazilian President Lula and team decide to retaliate.
“We will have taken in about $100 billion in tariff income so far this year,” said US Treasury Secretary Bessent during a July 8 cabinet meeting where President Trump mentioned forthcoming US 50% tariffs on copper imports. The copper tariffs are also slated to begin August 1. “Anybody that's in BRICS is getting a 10% charge,” Trump said during that televised meeting said the extra charge would be implemented "pretty soon.”
The European Union was also mentioned whilst Trump talked trade deals.
“We’re probably two days away from sending them a letter,” he said that the discussions were ongoing and that each letter means a deal was made but not set in stone.
