US Trade Representative Jamieson Greer confirmed that tariff rates are largely set for over 60 trading partners following President Trump's executive order. While some countries reached trade deals before the August 1 deadline (e.g., South Korea, EU, UK), others like Canada face tariffs, prompting concerns about economic impact. Greer stated that the President aims to renegotiate trade terms, prioritizing domestic manufacturing. Bank of America economists predict slower economic growth due to the tariff situation, highlighting the uncertainty surrounding its overall effect.

Prepared by Christopher Adams and reviewed by editorial team.