US Trade Representative Jamieson Greer declared Sunday that newly announced tariff rates are finalized with "little immediate room for negotiation," despite global backlash. The duties, ranging from 10% to 50% across 66 economies take effect August 7, replacing the initial August 1 deadline. Greer emphasized these rates reflect pre-negotiated deals and trade deficit calculations, stating, "We’re seeing the contours of the president’s tariff plan".
Brazil faces 50% tariffs on exports to the US, though aircraft and orange juice received exemptions. President Trump openly admitted the move punishes Brazil for prosecuting his ally, former President Jair Bolsonaro, who faces coup-plotting charges. Greer defended the geopolitical weaponization, calling it "normal" to address "misuse of democracy". White House economic adviser Kevin Hassett confirmed rates are "more or less locked in," dismissing potential market-driven reversals as unlikely.
Trump’s use of emergency powers for tariffs faces legal scrutiny, with an appeals court expressing skepticism over presidential authority. The case may escalate to the Supreme Court. Meanwhile, markets reacted sharply. The S&P 500 dropped 1.6% Friday amid tariff fears and a weak jobs report (73,000 July hires vs. 170,000 expected). Warren Buffett’s Berkshire Hathaway reported 5.1% revenue decline in consumer goods, blaming tariff disruptions. Copper futures also plunged after 50% tariffs on semi-finished products.
Only 8 of 120 planned deals materialized since April’s "Liberation Day" tariffs. Key holdouts include India where 25% tariff were implemented plus unspecified penalties for Russian ties, Canada where 35% duties were enacted Friday, with talks in "intense phase" and Mexico which was granted 90-day reprieve but faces 30% threats. The EU secured a 15% rate after public outcry, though French officials called it "submission".