The White House today is expected to begin sending letters to trade partners with the new tariff rates they are going to pay the US. Trump said that he expected "10 or 12" letters to be sent today with more coming in the next days and the process should be completed by the next week's July 9th deadline.
In the past months, we had multiple reports saying that businesses have been planning with a 10-20% tariff range in mind, so higher than that would be above expectations and therefore a negative growth driver. It might not matter until August 1st, but it's still a risk.
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