Trump Tariff War: Trump Slaps 25% Tariffs On Japan, South Korea | WION World News

Trump Tariff War: Trump Slaps 25% Tariffs On Japan, South Korea | WION World News

And Donald Trump has fired a major warning shot in his ongoing trade war. The US president unveiled higher tariffs for Japan, South Korea, and a dozen other countries in a new push for new trade deals. However, he also extended the deadline for the steeper levies to kick in until August. The White House has said several deals were in pipeline, but only two have been finalized so far with Britain and Vietnam. Now, Trump signed an executive order delaying the previous July 9th deadline to reach tariff deals, now extended to August 1st. The leader said that he was open to extensions if countries made proposals. No, I would say firm, but not 100% firm. If they call up and they say would like to do something a different way, we’re going to be open to that. But essentially, that’s the way it is right now. You Uh Trump announced the latest tariffs to in near identical letters. First sent Japanese first was sent to Japanese Prime Minister Shig Ishiba and South Korean President Li. He said trade relations with both the countries are far from resol and it time is running out to cut better deals. Have the signed letters that went out to both South Korea and Japan today. Um and there will be approximately 12 other countries that will receive uh notifications and letters directly from the president of the United States. Um and weeks ago I stood at this podium and I told all of you that the president was going to uh create tailormade uh trade plans for each and every country on this planet. Uh and that’s what this administration continues to be focused on. Now, Trump issued similar letters to countries including Indonesia, Bangladesh, Thailand, South Africa, and Malaysia, saying he would slap duties on their products ranging from 25% to 40%. And according to letters posted to Trump’s truth social platform, products from Indonesia will face a 32% tariff, while the level for Bangladesh is 35% and Thailand 36%. Now, most countries receiving letters so far had duties similar or unchanged from threatened rates in April, although some like Laos and Cambodia see notably lower levels. Now, reacting to the new tariff, Japan’s Prime Minister Sherro Ishiba said on Sunday that he won’t easily compromise in trade talks with Washington. Now Trump has also threatened another 10% tariff on countries aligning themselves with the emerging BRICS nations accusing them of anti-American policies after this comes after they slammed his duties at a summit. Now Brazil who hosted the brick summit hit back saying it was irresponsible for Trump to threaten countries with tariffs on social media. President Lula Deva said the world does not need an emperor, adding that other nations have the right to reciprocate. So we don’t want an emperor. Our countries are sovereign. If Trump issues tariffs, other countries have the right to do the same. There is the reciprocity law. I think it’s not responsible for a president from a country like the US to threaten the world with tariffs on social media. Honestly, there are other forums for the president of a country the size of the United States to talk to other countries. Major US stocks indexes fell from records uh on Monday. The NASDAQ tumbled 0.9% and the S&P 500 lost 0.8%. Now for more on this, our correspondent Susan Danani sent us this report. [Music] President Trump has announced the new 25% reciprocal tariff on imports from Japan and South Korea along with varying duties 25 to 40% set to begin August 1st unless trade deals are finalized by then. He also warned smaller countries like Malaysia and Tunisia that any retaliatory tariffs would be met in kind. These fresh duties come just ahead of his July 9th negotiating deadline, now extended to August 1st via executive orders. Stock markets reacted sharply. The S&P 500 fell, the biggest drop at 3 weeks, anxious over economic uncertainty. Looking ahead, analysts cautioned that the US business could bear an 82 billion hit, likely passing costs on to the consumers with legal challenges to Trump’s emergency tariff powers pending. and new talks on Japan, South Korea, the European Union, and India. The message is clear. Heightened volatility and rising prices are likely by late summer. Susan Tewani reporting from New York for we on World is one.

US President Donald Trump said he was slapping 25 percent tariffs on imports from Japan and South Korea, in his first letters to trading partners ahead of a deadline to reach a deal.

#trump #japan #usa

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