Trump’s Reciprocal Tariffs Begin; China Faces Deadline

President Donald Trump's reciprocal tariffs take effect at midnight for countries that have not secured a trade deal or received a specific tariff letter from the administration. Framework deals have been reached with the UK, EU, India, Indonesia, the Philippines, Japan, and South Korea, while Canada and China remain without agreements. The rollout of this tariff policy is notably subdued compared to earlier high-profile announcements. The tariffs aim to address U.S. trade deficits and promote fairer trade relationships to benefit American workers, farmers, and manufacturers. The administration has warned that tariffs on Chinese goods could increase further if a deal is not reached by August 12. Business groups, including the U.S. Chamber of Commerce, have called for Trump to reverse the policy, but the administration remains steadfast.