Sprawl of duty: Trump’s tariff drama

• President Trump's trade war extends deadlines with threat of steep tariffs to buy negotiation time.
• Tariffs have risen, increasing costs for American consumers and businesses, despite ongoing uncertainty.

President Donald Trump has repeatedly delayed the imposition of steep tariffs on various trading partners, extending trade talks deadlines to August 1st to buy more time.

He has threatened 25-40% tariffs on countries like Japan, South Korea, Cambodia, and Thailand, with potential sectoral tariffs soaring as high as 50% on copper and 200% on pharmaceuticals in the near future.

Despite claims of striking numerous deals, actual outcomes are limited to tentative framework agreements with Britain and Vietnam and a fragile trade truce with China.

The administration’s shifting and broad demands—ranging from reducing trade deficits to discussions about digital taxes and military cost-sharing—have left negotiators confused and frustrated, complicating efforts to reach concrete agreements.

Markets are becoming desensitized to the trade war's ups and downs, but America's average tariff rate has quadrupled since January, affecting consumers and businesses importing inputs, with economic impacts expected to emerge over time.

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