Just days before the July 9 expiration of the 90-day pause on the Liberation Day tariffs, the Trump Administration pushed the reset button: tariffs will now resume on August 1.
What followed was a flurry of announcements reminding us of the good old tariff threatening days of earlier this year:
- 14 nations received letters declaring their (in some cases new) tariff rates come August 1
- Brazil now faces a 50% tariff, reportedly tied to its accusations involving former President Bolsonaro
- Countries aligning with BRICS policies – including those discussing an alternative to the U.S. dollar – will automatically pay an additional 10% tariff without exception. (The recent BRICS meeting in Brazil ended with a cautious, low-profile joint statement – an apparent attempt to sidestep direct conflict with Trump. It didn’t work.)
- The EU and Mexico are now facing a 30% tariff following new notices
- Russia is facing significant tariffs due to their refusal to agree to a ceasefire with Ukraine. Nations continuing to buy Russian oil have been warned they could be next.
Just when you thought it was safe to go back into international trade waters…
