President Trump Declares 25% Tariffs on 14 Nations Effective from August 1st
President Donald Trump has declared steep tariffs on 14 countries, including Japan, South Korea, Malaysia, and Kazakhstan, effective from August 1st. This move officially postpones the initially planned July 9th deadline.
The tariffs range from 25% to 40% on various goods. Trump made this public by posting form letters to the leaders of the affected countries on social media, revealing the new rates.
The announcement came after Trump signed an executive order pushing back the Wednesday deadline. This decision was based on ‘additional information and recommendations from senior officials.’
Stock markets reacted negatively to this news, with the Dow Jones falling 422 points on Monday. These tariffs are separate from additional sector-specific duties and aim to address the persistent U.S. trade deficits with these countries.
Trump issued a warning that goods transshipped through these countries to evade tariffs would be subject to higher rates. Commerce Secretary Howard Lutnick confirmed the August 1st implementation date, providing more time for trade negotiations.