Since the publication of the second edition in April, the Trump administration's second-term tariff strategy has shifted decisively from announcements to implementation. Through 12 August, a blend of tariff expansions, licensing carve-outs and temporary truces has underpinned the approach grounded in national security, industrial revival and fiscal opportunity via customs revenue.

The third edition focuses on:

• Impacts of sectoral tariffs on steel, aluminum, automobiles, and copper (NEW) 
• Trade deals and tariffs, including a focus on additional tariffs announced on India and Brazil
• Leasing and royalty rate adjustments under the OBBBA and their impact on short-term outlooks
• Changes to tax credits for clean-energy sources, renewables, EVs, and hydrogen

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