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President Donald Trump announces tariffs on auto imports in the Oval Office of the White House on March 26. (Photo by Mandel Ngan/AFP via Getty Images/TNS)

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President Donald Trump unleashed a series of tariff deals and demands on the eve of his Aug. 1 deadline, including surprises on India and copper as the U.S. president attempts to create a new global trade order.

Trump on July 31 announced tariffs of 15% on imports from South Korea that matched the rate for neighbor Japan, and a painful 25% levy on imports from India that was accompanied by criticism of its purchases of Russian energy and weapons, pressuring Prime Minister Narendra Modi.

Deals are in the offing for Thailand and Cambodia after they agreed to a ceasefire July 28, buttressing Trump’s goal of being seen as a global peacemaker. A deal with Taiwan was also being drafted as the two sides reached “a certain degree of consensus,” a spokesperson in Taipei said. Malaysian Prime Minister Anwar Ibrahim said Trump has told him he’ll announce a levy Aug. 1.

“We hope that it will help and not burden our economy too much,” Anwar told lawmakers.

Trump also shocked markets with new tariff rules on copper, sinking prices in New York by a record after exempting the most widely traded forms of the metals from 50% tariffs.

Tariffs are making America GREAT & RICH Again. They were successfully used against the USA for decades and, coupled with really dumb, pathetic, and crooked politicians, we’re having a devastating impact on the future, and even the survival, of our country. Now the tide has… — Trump Truth Social Posts On X (@TrumpTruthOnX)

The onslaught comes on the eve of an Aug. 1 deadline, when the White House threatened reciprocal levies for countries without bilateral agreements, which most don’t have. Trump has said rates globally will come in from 15% all the way to 50% — executing policies he believes will bring home manufacturing and raise government revenue, while giving him enormous leverage on countries whose exports depend on U.S. consumers.

“Today we got a flurry of details and it’s the case of the old saying: ‘you can’t see the forest for the trees,’ ” said Rob Subbaraman, chief economist at Nomura Holdings Inc. “Stepping back, Trump has by and large followed through on his tariff threats. Right now it’s just a lot of noise.”

European shares rose on upbeat technology earnings and the positive sentiment elevating U.S. futures. But Asian shares declined and currencies fell to a two-month low.

Most countries are still without a trade deal, and key details are scant for those who have one — including potential exemptions, investment promises and potential changes to rules of origin. The uncertainty and confusion amid the long rollout of Trump’s new trade order has already hit global economic growth and weighed on investment, even as markets remain optimistic.

“These deals ramming against the clock — it’s really not a good sign,” said Alicia Garcia Herrero, chief economist for Asia Pacific at Natixis. The reach pushes countries to an agreement to avoid potentially higher levies, but could end up costing their economies more, she said.

Meanwhile, the mood music between the U.S. and China remains favorable for now. Speaking in the White House on July 30, Trump said the U.S. will have a “very fair deal with China.” Talks this week in Sweden strengthened trust between the two sides and boosted confidence in resolving economic disputes via discussions, the Communist Party’s official newspaper said.

The trade news wasn’t limited to foreign countries. U.S. consumers and small businesses will soon face higher costs on shipments, as Trump announced tariffs would apply from Aug. 29 on de minimis shipments, or imports that are below $800. Such shipments have been a boon for consumers and retailers, many of them in China, that ship products direct.

A surprise reprieve for many Brazilian goods rallied its currency and stocks. Meantime, Bloomberg News reported Trump will speak with his Mexican counterpart Claudia Sheinbaum on July 31, sending the peso higher.

Canadian Prime Minister Mark Carney said July 30 that talks with the U.S. may not finish by Trump’s deadline. Prospects for a better deal dimmed further when Trump posted on Truth Social that Canada’s decision to back Palestinian statehood “will make it very hard for us to make a Trade Deal with them.”

Today we agreed to another historic trade deal. The Republic of Korea will provide $350 Billion for the United States to invest as President Trump directs, with 90% of the profits going to the American people. South Korea also agreed to purchase $100 Billion in LNG and other… — Howard Lutnick (@howardlutnick)

For South Korea, the 15% includes autos, as well as a $350 billion South Korean fund for U.S. investments including energy and shipbuilding. As with Japan, the U.S. investments would be directed by Trump, the president said. And for both funds, 90% of the profits would flow back to the U.S., Commerce Secretary Howard Lutnick said in a post on X.

For India, Trump threatened a still-undefined additional penalty over its purchases of Russian energy, on top of a 25% tariff on imports from the nation. That puts a slew of industries at risk including clothing and jewelry manufacturers.

Any move on Russian oil may come up in talks with China, given that Beijing also takes substantial volumes of Moscow’s crude, which the U.S. has targeted since its 2022 invasion of Ukraine. Oil was holding Thursday near the highest in almost six months.