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.
Trump announced a 35% tariff on Canadian goods late Thursday on Truth Social, claiming Canada had “financially retaliated” to earlier duties. A White House official said, however, that many carveouts currently in place with US tariffs on Canadian goods would remain, such as oil and certain sector-specific duties.
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.
The fresh tariff salvos capped a week in which Trump sent a barrage of tariff letters to over 20 trade partners, setting levels of 20% to 40% — except for a 50% levy on goods from Brazil in a move that waded into the country’s domestic politics.
Meanwhile, Trump injected fresh uncertainty into the metal market this week, confirming 50% copper import tariffs from Aug. 1 to match steel and aluminum. Trump’s copper tariffs are also set to include the kinds of materials used for power grids, the military and data centers, a Bloomberg report highlighted on Friday.
As markets focus on US talks with key partners on possible deals, here is where things stand:
Vietnam: Trump said 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. According to reports, Vietnam’s leadership was caught off guard by Trump’s announcement last week that it agreed to a 20% tariff and is now seeking to lower the rate.
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.
India: Trump’s tariffs on Brazil have raised the stakes for India, another member of the BRICS coalition. Bloomberg reported that the countries are working toward a framework deal that could see US tariffs on goods from India drop below 20%.
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 1412 updates
Fri, July 11, 2025 at 7:45 PM UTC
US, India work toward interim deal with lower tariffs
The US and India are working toward an interim trade agreement that could see US tariffs on goods from India dip below 20%, Bloomberg reported Friday.
That would be lower than the 26% Trump proposed on April’s “Liberation Day” and, as Bloomberg notes, put India in a better position than its peers in the region.
An interim agreement would give the sides more time to hammer out a fuller deal by fall, the report said.
From the report:
More on the key sticking points left:
Read more here.
Fri, July 11, 2025 at 5:00 PM UTC
BMW CEO hopeful for ‘manageable’ deal on US auto import tariffs
BMW (BMW.DE, BMWKY) is optimistic that the European Union and the United States will soon reach a “manageable” agreement on auto import tariffs that may possibly allow them to offset imports with exports, the German carmakers CEO said on Friday.
Reuters reports:
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Fri, July 11, 2025 at 3:02 PM UTC
What goods may (and may not) be affected by Trump’s 35% tariff on Canada
Yahoo Finance’s Ben Werschkul reports:
Read more here.
Fri, July 11, 2025 at 12:17 PM UTC
EU waits on Trump letter as markets digest latest tariff salvo
The European Union braced on Friday for a letter from President Trump outlining planned duties on one of its biggest trade and investment partners. This follows Trump’s overnight letter to Canadian Prime Minister Mark Carney and a flurry of similar messages sent to other nations earlier in the week.
Reuters reports:
Read more here.
Fri, July 11, 2025 at 10:48 AM UTC
Trump’s Brazil tariffs risk upending trade from coffee to beef
President Trump’s threat of 50% tariffs on Brazil risks shaking global commodity markets, disrupting everything from beef, coffee and oil.
Here’s a look at some stable products US consumers may see rise in price as Trump’s tariffs hit markets and pockets, Bloomberg News reports:
Read more here.
Fri, July 11, 2025 at 10:03 AM UTC
Vietnam surprised by Trump tariff announcement, seeks lower rate
It appears Vietnam may have been caught off guard by President Trump’s tariff announcement concerning the trade deal established between the two countries. Trump said they had agreed a 20% tariff but the Southeast Asian nation is still seeking a lower rate, according to people familiar with the matter.
Bloomberg News reports:
Read more here.
Fri, July 11, 2025 at 9:36 AM UTC
Levi’s rises after lifting annual forecasts on steady denim demand in Europe despite tariff pain
Shares in online retailer Levi’s (LEVI) rose on Friday before the bell by 7% after it raised its annual revenue and profit forecasts after beating quarterly estimates on Thursday, betting on strong demand for its denims in regions such as Europe in the face of tariff uncertainty.
Reuters reports:
Read more here.
Fri, July 11, 2025 at 8:51 AM UTC
Trump’s copper tariffs set to include products for power grids, data centers
US President Donald Trump’s plans to impose a 50% import tariffs on copper imports are set to have a more far reaching impact and will include the kinds of materials used for power grids, the military and data centers.
Bloomberg News reports:
Read more here.Â
Fri, July 11, 2025 at 8:46 AM UTC
Lula tells Trump Brazil can survive without US trade
Brazil’s President Luiz Inácio Lula da Silva has come out fighting against President Trump’s tariffs, insisting that Brazil can survive without trade with the US and that the South American country will now look to other partners to replace it. Lula’s defiant response comes after Trump threatened 50% tariffs on the nation.
Bloomberg News reports:
Read more here.
Fri, July 11, 2025 at 1:43 AM UTC
Trump goes on Carney offensive with 35% tariffs on Canadian imports
President Trump has sent a letter to Canadian Prime Minister Mark Carney announcing broad 35% tariffs on imports from the country starting in August.
As he did back in February, Trump cited issues with fentanyl crossing the northern border as a chief reason for establishing these tariffs. That’s 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 neighboring 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:
Thu, July 10, 2025 at 10:50 PM UTC
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.
Thu, July 10, 2025 at 6:00 PM UTC
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.
Thu, July 10, 2025 at 4:00 PM UTC
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.
Thu, July 10, 2025 at 3:59 PM UTC
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.
Thu, July 10, 2025 at 3:45 PM UTC
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.
Thu, July 10, 2025 at 2:46 PM UTC
Conagra says tariff costs will hit annual profit
Reuters reports:
Read more here.
Thu, July 10, 2025 at 1:00 PM UTC
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.
Thu, July 10, 2025 at 11:38 AM UTC
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.
Thu, July 10, 2025 at 11:21 AM UTC
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.
Thu, July 10, 2025 at 11:06 AM UTC
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.
