Cross Border Trade Updates
July 8, 2025
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- No other tariff letters sent to countries today posted on Truth Social. We expect more this week given his earlier post on Truth Social today.
- “As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 - No extensions will be granted. Thank you for your attention to this matter!”
- Reciprocal Tariff Deadline extended through 1 August: The president’s new Executive Order extends the reciprocal tariff deadline to 1 August 2025. This order affects all countries except for China, which has its own deadline of 12 August, as well as Canada and Mexico which were excluded from the original reciprocal tariff. This new deadline aligns with the deadlines posted in the fourteen country letters posted yesterday.
- Upcoming Section 232 tariffs on copper and copper derivatives, pharmaceuticals, and semiconductors: Today, President Trump mentioned during his Cabinet meeting that the Department of Commerce will announce 50% tariffs on copper and copper derivatives today. As of 5p ET, Commerce has not yet made an official announcement. Commerce Secretary Lutnick confirmed Trump's note on copper tariffs, as well as elaborated after the Cabinet meeting that the investigation on pharmaceuticals and semiconductors should be concluded by the end of June. We anticipate the copper tariffs may impact sourcing for some PMMI members and will share the FRN once available.
