Trump delays imposing tariffs on Mexico for 90 days

Trade Policy Changes - The US government is granting Mexico a 90-day extension to negotiate a new trade deal, despite previous statements against extensions [1] - New trade deal with South Korea imposes a 15% duty on imports in exchange for a $350 billion investment in the US [2] - The US government is imposing an unspecified penalty on India for purchasing military equipment and energy from Russia [2] - Brazil's rate is increased to 90% due to perceived unfair treatment of their former president [2] Uncertainty and Confusion - Much of the information regarding these trade deals is sourced from social media posts or White House fact sheets, rather than signed agreements [5] - Information released by the US government sometimes differs from that released by other countries involved [6] - There is uncertainty regarding the implementation date of tariffs, specifically whether they apply to goods arriving on August 1st or goods shipped on August 1st [7] - Businesses face chaos and confusion when trying to import goods, price products, and charge customers [4] Legal Challenges - Small business owners have challenged the legality of the tariffs in court, arguing that the president does not have the authority to unilaterally implement them [8][9] - The president is using an emergency wartime power act to justify the tariffs, claiming a trade emergency due to the country's trade deficit [9] - Judges are pushing back on the government's argument, and the issue may ultimately go to the Supreme Court, prolonging the uncertainty [10]