Trump has recently announced preliminary trade deals with Japan and other countries, and many of his paused “reciprocal” tariffs are set to resume next month.

President Donald Trump’s trade deals are illegal, Piper Sandler flatly declares in a new research note. The investment bank analyzed ongoing court battles and legislative authority, and concluded that Trump’s reliance on the International Emergency Economic Powers Act (IEEPA) to impose wide-ranging tariffs and cut bilateral deals far exceeds the powers granted by Congress.

With the Trump administration setting 15% as a floor for tariffs, companies and economists are warning of higher prices later this year.

A deal with Japan and a potential deal with Europe follows months of uncertainty and will likely raise prices while offering a bit of clarity for global trade.

Trump said the U.S. will impose a 15% tariff on Japanese imports under the agreement, which he hailed as "maybe the largest deal in history."

As the Aug. 1 deadline for tariff agreements approach, lawyers and political consultants caution that trade fights are likely ahead.

Excluding a truce with China, four Asian nations have now reached deals, with just over a week before the grace period expires.

President Donald Trump has announced a trade framework with Japan, placing a 15% tax on goods imported from that nation.

South Korea's Industry Minister Kim Jung-kwan met U.S. Commerce Secretary Howard Lutnick on Thursday and reaffirmed a commitment to reach a trade deal on tariffs by the August 1 deadline, South Korea's industry ministry said on Friday.