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Metals & Mining Theme, Non-Ferrous, Ferrous
July 23, 2025
HIGHLIGHTS
Trump sends over two dozen trade letters setting new tariff rates
New per-country tariff rates for US imports set to take effect Aug 1
Tariffs impact a wide range of commodities
Tariffs on US imports from dozens of countries are set to take effect Aug. 1 as US President Donald Trump intensifies his campaign of raising trade barriers.
The deadline marks the end of a four-month pause Trump placed on his "reciprocal" tariffs, a series of new duties placed on goods from nearly every country around the world announced April 2.
Though he paused the individual rates on trading partners, Trump imposed a universal 10% tariff on all US imports and initially set a deadline of July 9 to reach 90 deals in 90 days.
Trump then extended the deadline to Aug. 1, and in July hesent letters to 25countries threatening with new rates -- ranging from 25% to 50% -- if a deal is not negotiated by the deadline.
The Trump administration announced an agreement with the UK, framework for a deal with Indonesia and confirmed an established framework with China. Trump has also announced deals with Vietnam, the Philippines and Japan -- though finalized details from the White House have not been released.
The reciprocal tariffs have many exceptions, notably including critical metals like aluminum, lithium, and copper. They also do not stack with sectoral tariffs previously issued by the Trump administration and will not be added to the Section 232 tariffs placing 50% on steel and aluminum or the 25% tariff on cars and auto parts. Trump has also threatened to impose a 50% tariff on all copper imports by the same Aug. 1 deadline.
Canada and Mexico -- which have both reportedly been on the cusp of a trade deal -- received trade letters after being omitted from the initial onslaught of proposed reciprocal tariffs.
The two countries face a different slew of tariffs including 25% on goods not covered by the United States-Mexico-Canada Trade Agreement and a 10% tariff on energy resources.
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