U.S. President Donald Trump's tariff decisions since he took office on January 20 have shocked financial markets and sent a wave of uncertainty through the global economy.

Throw it all together and a level of predictability is finally emerging after six months of tariff threats that had at one point jacked up rates to 145% on China and near 50% on some smaller Asian exporters. Investors cheered the moves, with Asian shares rising the most in a month.

The European Union dominates critical pharmaceutical imports into the United States, making the 30% tariffs Trump threatened to go into effect Aug. 1 particularly risky.

The Trump administration is more concerned with the quality of trade agreements than their timing, U.S. Treasury Secretary Scott Bessent said on Monday ahead of an August 1 deadline for countries to secure trade deals or face steep tariffs.

Treasury Department Secretary Scott Bessent said Tuesday the Aug. 1 date set by President Trump for tariffs to hit countries that fail to negotiate deals with the U.S. is a “hard deadline.” Bessent during an interview on Fox Business’s “Mornings with Maria” said countries without trade deals will be hit with the tariffs Trump