After signing letters to the leaders of at least 15 nations, including South Korea and Japan, alerting them of their new tariff rates that would take effect on August 1st, US President Donald Trump increased pressure on the country’s trading partners. Trump issued an executive order to extend the deadline for all “reciprocal” tariffs, excluding China, from July 9 to August 1, which is a relief for nations.
Trump has indicated in the letters to 15 nations whether the new “reciprocal” tariff rates are lower or higher than those in April. This most recent increase follows the US president’s announcement on April 2 of “reciprocal” tariffs, which include a base duty of 10% and additional levies of up to 50%, on nearly all of its trading partners. However, the federal government announced a 90-day delay on some of its most aggressive import duties, which are scheduled to end on July 9.
Prime Minister Shigeru Ishiba of Japan and President Lee Jae-myung of South Korea were among the first people to receive the letters providing updates on the tariff rates. The US president declared that starting on August 1, a 25% tax would be imposed on goods coming into the nation from South Korea and Japan. Two hours later, Trump posted on Truth Social additional letters he had signed and delivered to the presidents of Malaysia, Kazakhstan, South Africa, Myanmar, and Laos alerting them to new tariff rates of up to 40%.
The Republican leader went on to publish eight further letters that were submitted to the leaders of Bangladesh, Indonesia, Serbia, Cambodia, Thailand, Tunisia, and Bosnia and Herzegovina, bringing the total number of signed letters on Monday to 15. Trump emphasizes the trade deficit with the United States in the letter he sent to more than a dozen nations, adding that tariff rates will also be determined by other measures he believes are preventing the sale of American goods overseas. Three major US share indexes fell as Trump announced additional trade charges for 15 countries, including South Korea and Japan.
