Price: Reciprocal tariff changes and potential new tariffs for Brazil, Canada, others

US customs duty collection for the fiscal year exceeded $100 billion in June 2025, surpassing that threshold for the first time in American history and resulting in an unexpected budget surplus of $27 billion for the month. Possibly buoyed by that news, it is no surprise that President Trump remains active on the trade front and aggressive in announcing and contemplating new tariffs. Indeed, this past week has seen another round of tariff announcements from the Trump administration, coupled with the potential for additional tariff actions in the coming weeks.

To start, on Monday, July 7, President Trump signed an executive order once again extending the suspension of the previously announced country-specific reciprocal tariffs. That suspension was set to expire on July 9 but has now been extended until Aug. 1. The administration sent tariff letters to many countries informing them of their new reciprocal tariff rates, which will take effect on Aug. 1. The president has also indicated that he may send additional, similar letters in the coming days and weeks. Until the current suspension is lifted and the new reciprocal tariff rates take hold, most countries remain subject to 10% reciprocal duties. The temporary reciprocal rate for China remains 30% and is not set to expire until at least Aug. 12. While steel products are largely excluded from the reciprocal tariff program, there are implications for many in the iron and steel industry.