• On July 31, Trump signed a new executive order modifying reciprocal tariff rates: countries in Annex I now face country-specific rates, while all others default to 10%.

• The move follows his April “Liberation Day” tariff push and reflects new deals and negotiations—some nations did enough to merit relief, others not.

• Importers should watch for which countries land in Annex I—this could shift landed cost dynamics fast.