Tariff Talk

Letters announcing increased tariffs—along with a late-night executive order—have shifted attention away from the 90-day pause on reciprocal tariffs, raising a new wave of questions.

Where trade negotiations have stalled or failed to meet the administration’s standards, letters sent Monday outline new tariffs set to take effect on August 1. These letters serve both as formal notification and as a final opportunity for negotiation. According to a fact sheet released overnight, the White House positions these actions as part of President Trump’s broader effort to reclaim America’s economic sovereignty. The release emphasizes that “President Trump is the best trade negotiator in history” and warns that “countries that aren’t serious about addressing the tariff and non-tariff trade barriers that impede American exports and harm American workers, farmers, and businesses are facing the consequences.”

Meanwhile, Chinese social media influencers are posting content suggesting improved quality and reduced prices on beef and soy products—though these are reportedly being sourced from alternative suppliers such as Australia, Brazil, and Argentina.

According to the fact sheet, key trading partners including Japan, South Korea, and Malaysia will now face tariffs at 25%. These moves, previously hinted at in press briefings and media reports, also raise the baseline reciprocal tariff from 10% to new highs: Malaysia (25%), Indonesia (32%), and Thailand (30%). Additional letters and adjustments are expected in the coming days and weeks. The announcement also notes that some countries may see tariff increases or decreases compared to the April 2 published chart.

Details remain unclear on the Vietnam agreement, which reportedly reduced reciprocal tariffs to 20% from a proposed 46%. Uncertainty continues around the enforcement of the new 40% transshipment tariff, particularly how it will be applied. With concerns over third-country diversion, this condition could significantly affect costs for goods