A day later, Trump said the U.S. will impose 50% tariffs on copper, as well as 200% tariffs on pharmaceuticals.Trade deals could be coming. Japan’s top trade negotiator, for example, said July 8 that talks with the U.

It is worth nothing that the effective tariff rate being imposed by the US on the rest of the world is now about 15%, having been between 2% and 4% for the past 40 years. This is before the further changes in these letters. The market reaction is calm for now. It might not stay that way.