President Donald Trump announced on Monday that at least seven countries are set to face steep tariffs on their imports, to begin on Aug. 1st.
In a series of posts on his Truth Social platform, Trump shared screenshots of form letters dictating new tariff rates to the leaders of Japan, South Korea, Malaysia, Kazakhstan, South Africa, Laos and Myanmar. Goods imported to the U.S. from Japan, South Korea, Malaysia and Kazakhstan are now set to face 25% tariffs, while South African goods will be subject to a 30% U.S. tariff, and imports from Laos and Myanmar will face a 40% duty.
Trump had imposed a Wednesday deadline for nations to negotiate better trade deals; on April 2, he announced 10% across-the-board baseline tariffs on 90 trading partners and harsher ones for the worst offenders. However just one week later, he pushed the deadline back until July 9 for the reciprocal duties.
White House Press Secretary Karoline Leavitt suggested that 14 letters will be sent out Monday, and confirmed that Trump would sign an executive order to delay the Wednesday deadline until Aug. 1.
USA Today reported that in addition to Japan and South Korea, other nations are bracing for higher tariffs, including the 27 countries in the European Union – with as many as 100 letters potentially being sent out to nations.
Editorial credit: Joey Sussman / Shutterstock.com
