President Trump says more countries, including Brazil, could get trade letters

Trade Policy & Tariffs - President Trump issued new tariff letters to seven countries, outlining reciprocal tariffs if deals aren't made by August 1st [1] - Approximately 21 countries have received these letters, with more, including Brazil, potentially receiving them [1] - Targeted countries like the Philippines, Iraq, and Sri Lanka face tariff rates between 20% and 30%, similar to initial threats in April [2] - The effective date for these tariffs has been moved from July 9th to August 1st [3] Impact & Trade Relations - The Philippines, the largest trading partner in this round, accounts for less than 05% of total US imports, while others account for less than 01% [3] - While tariffs could impact individual companies, the macro-level impact on US importers is expected to be limited [4] - The administration aims to use these tariffs to create momentum for trade deals before the end of the month [4] - Major trading partners like Japan and South Korea are showing resistance to making compromises in response to the letters [6][7] - South Korea stated that its national interest will always come first [7]