US Extends Reciprocal Tariff Deadlines Through 2025 Amid Expanded Trade Measures

President Trump has extended the deadline for country-specific reciprocal tariffs to August 1, 2025, announcing rates ranging from 25% to 40% for countries including Japan, South Korea, Laos, and Myanmar, with the possibility of rates increasing if retaliatory tariffs are imposed. Additionally, Trump revealed plans to impose a 50% tariff on imported copper and hinted at a potential 200% tariff on pharmaceuticals, signaling a likely significant increase in tariffs following ongoing Commerce Department investigations. The impact of these tariffs is already being felt by American consumers, with 77% expecting household finances to be affected, many altering purchasing habits and buying cheaper brands due to price hikes, especially on groceries and clothing. While some products have seen price increases, such as the Xbox Series X and budget 4K TVs, many tariff-affected products have not yet experienced significant price changes, although the threat of inflation remains. The stock market is expected to reflect short-term tariff uncertainties but long-term company earnings, with earnings growth projected around 5-7%, will likely provide a clearer picture of tariffs' economic effects. Meanwhile, key textile and apparel exporting countries face new US tariff pressures, with trade negotiations ongoing to avoid steep import duties, and temporary agreements have moderated some tariff escalations, notably between the US and China.