White House Confirms Implementation of Reciprocal Tariffs

The White House has officially announced that new reciprocal tariffs will be enforced starting August 1, targeting countries without existing trade agreements with the United States. Countries like South Korea, which have negotiated separate trade agreements, will see tariffs based on those specific deals.

Customized Agreements Determine Tariff Rates

White House spokesperson Karoline Leavitt clarified during a press briefing that countries with pre-negotiated agreements, including South Korea, Japan, and the EU, will be subject to a 15% tariff rate. These rates are a result of direct agreements with President Trump, emphasizing the administration's focus on tailored trade solutions.

Deadline Sparks Global Negotiations

Leavitt highlighted the urgency of the July 31 deadline, noting that over 200 countries have reached out to the U.S. trade team. The administration has prioritized key trading partners, successfully concluding agreements with two-thirds of the targeted 18 countries.

Trump's Push for Lower Drug Prices

In a related development, President Trump has sent letters to CEOs of 17 major pharmaceutical companies, urging them to lower drug prices in the U.S. and threatening action if prices are not reduced, showcasing the administration's broader economic strategy.