Levies are currently set at a blanket 10%, down from rates set as high as 49% on Cambodia and 46% on Vietnam. With the latest exemptions, the effective rate on Vietnamese goods will fall to about 7% as close to a third of its exports to America, largely technology products, are exempt.

The president has watered down some of his trade demands, but that’s created confusion in the markets and has forced his administration to adapt its messaging.

Trump’s tariffs might actually be good for Ukraine. When President Donald Trump unveiled tariffs on more than 180 countries and territories early this month, there was one place that was conspicuously left off the list: Russia.