U.S. President Donald Trump and First Lady Melania Trump on the South Lawn of the White House on July 4, 2025, in Washington, DC. U.S.
Eric Lee | Getty Images News | Getty Images
Paramours wanting to court each other have, through the decades, moved on from love letters to Instagram DMs.
But some form of that epistolary tradition remains today in the stately realm of politics. U.S. President Donald Trump revealed Monday that he had written letters to the leaders of 12 countries, informing them of new tariff rates due to begin on Aug. 1.
Upon first reading, the letter is enough to send the heart racing. It contains bold emotional declarations (“You will never be disappointed with The United States of America”), big double-digit numbers (between 25% and 40%, depending on the recipient) and a veiled threat should desire not be reciprocated (“These tariffs may be modified … depending on our relationship with your Country”).
But if we take a step back, it appears that he letters’ purpose might not be that different from the table of “reciprocal” tariffs Trump hoisted up at the White House’s Rose Garden in April.
The letters threaten stiff tariffs that will kick in on a certain date (or as certain as any deadline from the White House can be), unless countries negotiate with the U.S. for a trade deal. Even the tariff numbers aren’t that far from what was initially revealed. In other words, the letters might just be a restaging of April’s events.
“If you go through the details, I don’t even know if anybody understands the difference between what was announced today, what was there previously, and if it will actually be implemented, and which companies it actually impacts,” Trivariate Research CEO Adam Parker said Monday on CNBC’s “Closing Bell.”
Trump on Sunday, in response to whether the deadline for tariffs will be changing, said, “They’re going to be tariffs. The tariffs are going to be the tariffs.”
In the same way, a tariff is a tariff is a tariff, whether in a racy letter, stated on a big chart, or even sent in an Instagram DM.
What you need to know today
And finally…
Japanese yen banknotes.
Bloomberg | Bloomberg | Getty Images
Tariffs, declining real wages, slowing growth: Japan’s central bank has its work cut out
The Bank of Japan faces a stiff challenge: normalizing its monetary policy as growth slows amid steep U.S. tariffs, while real wages decline because of inflation.
Real wages dropped at their fastest pace in 20 months in May, pressuring the central bank to raise rates and rein in inflation. But an economic slowdown appears to be constraining the bank’s ability to tighten policy.
— Lim Hui Jie