President Trump announced new tariff rates for imports from specific countries, which will take effect on August 1, following a 90-day pause. The rates range from 25% to 40% and may be adjusted based on trade relations. Trump mentioned that the U.S. would respond to any retaliatory tariffs and that tariffs could be reduced if countries offer better market access or change their trade policies. An executive order was signed to extend the tariff pause, while ongoing trade agreements with China, the U.K., and Vietnam are still in various stages of negotiation.

Source: https://www.supplychaindive.com/news/trump-reciprocal-tariffs-return-aug-1-japan-korea-south-africa/752379/