J P M O R G A N North America Economic Research 08 July 2025 US: An update on tariff rates With only a couple of tentative trade frameworks agreed to ahead of the administration's July 9 deadline for a tariff rate reset, President Trump this week delayed the reset until August 1. Along with the announcement, he published new tariff rates for 14 countries that will be in effect starting on that date, with Commerce Secretary Lutnick saying another 15-20 letters will be released in the coming two days. There w ...