Update: President Trump said he plans to impose a 200% tariff on pharmaceutical imports and a 50% tariff on copper based goods. The copper tariffs will come first, possibly by August 1st.
Trump said drug companies would have a year and a half to prepare for the 200% duties. Stocks are steady.
President Trump wrote on TruthSocial that he sent letters to various countries yesterday, in addition to letters that will be sent today, tomorrow, informing countries of their tariff burden. The deadline is set – we think.
He also announced at a Cabinet meeting that BRICS nations will pay an extra 10%.
Trump wrote, “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!”
Letters went to Bosnia and Herzegovina, Bangkok, Cambodia, Serbia, Bangladesh, Indonesia, Tunisia, Myanmar, Laos, South Africa, Kahakstan, Malaysia, South Korea, Japan, and more to be sent today and tomorrow.
Letters inform countries that there will be a 25% tariff to do business with the United States, transshipments will be tariffed higher, and if they retaliate the tariff will just go 25% higher. He ended with a potential off ramp and a “Thank you for your attention to this matter!”
Treasury Secretary Scott Bessent disagrees with the (biased) GAO and he believes he will take $300 billion in tariffs this year. It shows how the US taxpayer has been fleeced for years.
The US has already taken in over $121 billion this year, and they expect to take in $300 billion.
HOLY SMOKES! Treasury Secretary Scott Bessent just announced the US may take in over $300 BILLION in tariff revenue this year under President Trump.
WHOA.
The experts are in for another RUDE awakening. pic.twitter.com/4mzB4ScQG5
— Eric Daugherty (@EricLDaugh) July 8, 2025
Many believe the deadline will be extended again, especially since the stock market reacted badly. However, it is high and has started to go back up as of this afternoon. We’ll see.
Despite the threats of inflation from the Feds and the media, prices have actually gone down. At the end of June, Federal Reserve Governor Chris Waller says the Fed should cut interest rates next month and that President Trump’s tariffs won’t significantly boost inflation. Powell didn’t listen, but maybe he will get off his revenge bandwagon in August. He’s “too late” Powell.
“Prices of imported goods have not only fallen this year, but also declined faster than overall goods prices,” according to a new report from @CEA47.
“These findings contradict claims that tariffs or tariff-fears would lead to an acceleration of inflation.” pic.twitter.com/u0XUr6aBld
— Rapid Response 47 (@RapidResponse47) July 8, 2025
Sample Letter:
