Trump’s new tariff letters have sent shockwaves across global markets as he targets 22 countries with tough new trade threats just weeks before the August 1 deadline. From close allies like Japan and South Korea to BRICS nations like Brazil and South Africa,

Trump sent a letter to Ramaphosa on Monday, July 7, informing him that BRICS nation South Africa would face a 30 percent reciprocal tariff from August 1, 2025, to reflect the trade barriers he said the U.S. faces. Trump sent similar letters to 13 other countries.

Trump and his aides have repeatedly shifted their stance on tariffs in the weeks since the president’s “Liberation Day” announcement.

The European Union still aims to reach a trade deal with the United States by July 9 after Commission President Ursula von der Leyen and U.S. President Donald Trump had a "good exchange", a Commission spokesperson said on Monday.

Everyone expected Trump’s policies to damage the U.S. and global economy, but that damage keeps not appearing.