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.

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,