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.

The pause on the biggest of Trump's tariffs is up tomorrow with no sign of extension in sight. President Donald Trump's second term economic plan can be summed up in one word: tariffs. As his barrage of import taxes went into overdrive in recent months,

President Donald Trump has sent letters to 14 countries outlining higher tariffs they’ll face if they don’t make trade deals with the U.S. by Aug. 1

Trump helped Speaker Mike Johnson pressure GOP holdouts into flipping their no votes to allow the measure to go forward in time to meet the president's self-imposed July Fourth deadline. Trump says tariff letters to be sent to 'various countries' on Monday President Donald Trump posted on Truth Social that his tariff letters "and/or deals" will be delivered to "various countries from around the world,