Tariffs on Japan, Korea, 12 extra beginning Aug. 1

Not less than 14 international locations’ imports are set to face steep blanket tariffs beginning Aug. 1, President Donald Trump revealed Monday.

The president, in a collection of social media posts, shared screenshots of type letters dictating new tariff charges to the leaders of Japan, South Korea, Malaysia, Kazakhstan, South Africa, Laos and Myanmar.

Later within the day, he shared one other set of seven letters, to the leaders of Bosnia and Herzegovina, Tunisia, Indonesia, Bangladesh, Serbia, Cambodia and Thailand.

Items imported to the U.S. from Japan, South Korea, Malaysia, Kazakhstan and Tunisia at the moment are set to face 25% tariffs, in accordance with the letters Trump posted.

South African and Bosnian items can be topic to a 30% U.S. tariff, and imports from Indonesia can be hit with a 32% excise responsibility.

Bangladesh and Serbia are each at 35%, whereas Cambodia and Thailand are set for 36% tariff charges, the president’s letters stated.

Imports from Laos and Myanmar will face a 40% responsibility, in accordance with the letters Trump posted on Reality Social confirmed.

The letters Trump signed add that the U.S. will “maybe” take into account adjusting the brand new tariff ranges, “relying on our relationship along with your Nation.”

The letters are the primary to be despatched earlier than Wednesday, the day his so-called reciprocal tariffs on dozens of nations have been scheduled to snap again to the upper ranges he had introduced in early April.

White Home press secretary Karoline Leavitt stated much more letters can be despatched out within the coming days.

Later Monday afternoon, Trump signed an govt order delaying the Wednesday tariff deadline till Aug. 1. The order says Trump made that call “primarily based on extra info and proposals from numerous senior officers.”

U.S. monetary markets closed down on Monday. The Dow Jones Industrial Average fell 422.17 factors, or 0.94%, to finish the day at 44,406.36. The S&P 500 shed 0.79% to shut at 6,229.98, and the Nasdaq Composite dropped 0.92% and closed at 20,412.52.

For a lot of the international locations, the brand new U.S. tariff charges hew pretty carefully to what they’d confronted after Trump introduced his “liberation day” tariffs on April 2.

For example, below these preliminary charges, U.S. imports from Japan have been assigned a 24% tariff and South Korean imports confronted a 25% responsibility.

Following a chaotic week of losses throughout international markets, nevertheless, Trump on April 9 issued a 90-day pause, which lowered the assorted tariff charges to a flat 10%. That pause was set to run out Wednesday, earlier than Leavitt introduced that Trump would lengthen it by greater than three weeks.