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President Trump has once again threatened Canada with significant tariffs, this time a 35% levy on Canadian goods starting August 1st. This announcement, conveyed in a letter to Prime Minister Mark Carney, demanded Canada build or manufacture products in the U.S. The letter also referenced Canada’s retaliatory tariffs on American goods and accused Canada of contributing to the fentanyl crisis and causing unsustainable trade deficits. These threats follow a pattern of postponed tariff implementations, earning Trump the nickname “TACO” among Wall Street brokers.
In a recent announcement, former President Trump declared he would impose a 35% tariff on imports from Canada starting next month, citing the opioid crisis as justification and threatening further increases if Canada retaliates. Simultaneously, Trump signaled a potential 15-20% blanket tariff on most trading partners, raising concerns for countries like Australia. This escalation has sparked a potential trade war with Brazil, where President da Silva threatened retaliatory tariffs if Trump follows through on increasing import taxes. These actions signal a broadening of Trump’s trade war tactics, potentially leveraging tariffs for political purposes.
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In response to former US President Trump’s threat to impose a 50% import tax on Brazilian goods, President Lula da Silva vowed to match any imposed tariffs. Trump’s threat, citing Brazil’s treatment of former President Bolsonaro, was met with strong condemnation from Lula. The Brazilian leader asserted that the country would not accept “tutelage” and would impose reciprocal tariffs on US goods if the US followed through with the increase. The trade dispute is fueled by Trump’s disapproval of Bolsonaro’s trial, as well as an argument regarding the US’s trade deficit with Brazil, which data suggests does not exist.
South Africa says Trump’s 30% tariff is based on inaccurate trade view, and honestly, it’s hard to disagree. It’s not a new revelation, either. His trade policies, like so many of his other pronouncements, seem to be constructed from thin air, a reality tailored to benefit him. It’s become pretty clear that inventing a narrative that suits his needs is just part of his strategy. So, when South Africa raises concerns, it’s less of a shock and more of a “Here we go again.”
From what I understand, South Africa’s core concern is that the tariffs don’t reflect a realistic picture of trade dynamics.… Continue reading
The Trump administration’s recent announcement of new tariffs targeting imports from South Korea, along with other nations, appears to contradict any overarching goals of trade policy. These tariffs, seemingly in violation of the existing U.S.-Korea Free Trade Agreement (KORUS), undermine a deal that has benefited both countries by increasing trade and investment. This action raises questions about the administration’s intentions, as it undermines the potential to lower trade barriers or renegotiate deals, especially since the existing deal, KORUS 2.0, was renegotiated and considered “fair and reciprocal.” Furthermore, this move could jeopardize future trade negotiations, as other countries may hesitate to make deals with an administration that does not respect agreements it makes.
President Trump reignited trade war concerns by threatening Japan and South Korea with 25% duties and additional tariffs on goods from Laos, Myanmar, South Africa, Malaysia, and Kazakhstan. These actions, threatened under the International Emergency Economic Powers Act, came alongside the extension of a key negotiating deadline to August 1st. The move caused market volatility, reminiscent of earlier disruptions in trade policy. Despite the uncertainty, analysts suggest the impact on stocks may be limited this time, while acknowledging potential setbacks for the Federal Reserve’s stance on interest rates, given the inflationary concerns from tariffs.
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President Trump announced on Monday that reciprocal tariffs on imports from at least seven countries will be reimposed starting August 1, after initially pausing them in April. Letters were sent to various leaders, including Japan and South Korea, outlining the new tariff rates, which include a 24% tariff for Japan and a 25% for South Korea. These tariffs are aimed at correcting trade deficits and come with warnings against retaliatory duties. The letters also state that these tariffs may be modified. U.S. financial markets reacted negatively to the news.
John Q. Hosedrinker 
Matt Underwood