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The Trump administration's promised trade deals following its tax bill have instead resulted in renewed trade uncertainty. President Trump threatened 50% tariffs on copper goods and up to 200% on pharmaceuticals, sending copper prices soaring. Treasury Secretary Bessent predicted imminent trade pacts, but only 22 tariff letters have been sent, many to minor trading partners. Tariffs on Brazil, despite a trade surplus with the U.S., are justified based on political considerations. While some analysts downplay the market impact, others anticipate inflation and the Federal Reserve holding interest rates.