Trump sets tariffs, with Japan and South Korea to face 25% levy | REUTERS
deal with. Donald Trump on Monday began telling trade partners what tariffs they will face from August 1st. That’s later than the original July 9th deadline. And the president appeared to suggest the new date wasn’t totally set in stone. 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. So far, 14 letters have gone out to other countries. Investor attention focused on the 25% levies set for major trading partners Japan and South Korea. However, the new tariffs do not add to previously announced duties on specific sectors. That means the rate for cars, for example, stays at the existing 25% rather than hitting a cumulative 50%. The letters say that any retaliatory tariffs will trigger further US levies and Trump says it’s the least he could have done. We’ve talked to most of the countries and uh pretty much they’ve had their way for many many decades as you know and it was time that we just wanted fairness. This is uh not really equitable from our standpoint because it’s just a small token by comparison to the damage that’s been done over the years. South Korea and Japan both said they would continue talks ahead of the new August 1st deadline. Among the other letters sent out, Laos and Myanmar were the worst hit nations with tariffs set at 40%. EU sources said they did not expect to get a letter and aimed to reach a trade deal by Wednesday. Trump said India was another where agreement was close. Earlier on Monday, US Treasury Secretary Scott Bezant said that he expected several announcements over the following 48 hours. He said his inbox was full of lastditch offers.
US President Donald Trump began telling trade partners – from powerhouse suppliers like Japan and South Korea to minor players – that sharply higher US tariffs will start August 1, marking a new phase in the trade war he launched earlier this year.
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