On July 8, 2025, President Trump issued an Executive Order extending the suspension of certain “reciprocal” tariffs until August 1, 2025.
Reciprocal Rate Takeaways:
This action does not mention any changes concerning previously granted exemptions from reciprocal tariffs.
Executive Order 14298 (May 12, 2025), which governs reciprocal tariff rates linked to U.S.—China negotiations, remains in effect and unchanged.Executive Order 14298 (May 12, 2025), which governs reciprocal tariff rates linked to U.S.—China negotiations, remains in effect and unchanged.
Twelve letters — not legally binding — updating reciprocal tariff rates were issued to the following countries, with new rates effective August 1:
Japan (25%)
Korea (25%)
South Africa (30%)
Kazakhstan (25%)
Laos (40%)
Malaysia (25%)
Myanmar (40%)
Tunisia (25%)
Bosnia and Herzegovina (30%)
Indonesia (32%)
Bangladesh (35%)
Serbia (35%)
Cambodia (36%)
Thailand (36%)
Vietnam: According to President Trump’s recent social media announcement, a new 20% tariff is expected on goods imported from Vietnam, replacing the 46% “reciprocal” rate announced in April 2025. Goods shipped by China through Vietnam would face a 40% tariff, though the implications under traditional country-of-origin rules remain unclear. Vietnam, in turn, would remove all tariffs on U.S. products. But no formal action has been taken, and these rates are not yet in effect.
BRICS-Aligned Countries: President Trump announced on social media that countries aligning with BRICS (i.e., Brazil, Russia, India, China, and South Africa) would be subject to an additional 10% tariff, with no exceptions indicated at this time.
Copper and Pharmaceuticals: President Trump stated that a 50% tariff on copper and a 200% tariff on pharmaceutical imports are forthcoming. Secretary of Commerce Howard Lutnick indicated that copper tariffs could take effect by late July or early August. These imports remain under Section 232 national security investigations led by the Department of Commerce. No further information has been released regarding product scope or potential exclusions.
We continue to monitor and provide updates as new developments emerge. Please do not hesitate to reach out if you have any questions or would like to discuss how these changes may impact your business.