Most of the U.S. administration’s so-called reciprocal tariffs on countries around the world have been paused until August 1, providing more time for trade negotiations. The initial pause had been scheduled to expire tomorrow. The administration did announce some new tariffs yesterday on countries including Japan (25%), South Korea (25%), South Africa (30%), and others, effective August 1.

Ben Aneff, president of The U.S. Wine Trade Alliance, noted that “the administration has been holding serious negotiations with the EU over the last several days, and while no official agreement has been reached, it seems there has been progress, and things have been moving in the right direction. The EU’s own retaliatory measures (framed as “rebalancing” in response to U.S. steel and aluminum tariffs) are still slated to go into effect on July 15, but are expected to be delayed after the EU’s tariff pause is formally extended.”–Daniel Marsteller