Here's a catch up of things since overnight as Trump caused plenty of waves with his trade announcements amid the 1 August deadline. Over in Asia, US tariffs on Malaysia, Thailand, Indonesia, and Cambodia were set to 19%. Meanwhile, Taiwan managed to strike a "temporary" reprieve amid ongoing negotiations as they will be slapped with 20% tariffs for now. Vietnam is facing 20% tariffs as well in the latest announcement by the US administration.

Over to Europe, the big one was Switzerland being hammered with 39% tariffs. That has put a bit of a drag on the Swiss franc as we look towards European trading. USD/CHF is up 0.2% to 0.8137 going into the session ahead.

Then, we have Canada also seeing tariffs increase to 35% from 25% while Trump extended the trade deadline for Mexico by another 90 days.

The other big name is China and despite Beijing already saying that they agreed to an extension, the US camp is trying to make it seem like they're the ones in charge. The latest report is that Trump has yet to decide on whether to agree to said extension, with the deadline marked for 12 August.

For a full list of the modified reciprocal tariffs amid the 1 August deadline, you can check out the White House announcement here.

Source: Forex Live