US President Donald Trump first announced tariffs on a series of countries in April. Photo: Reuters.
US President Donald Trump has sent letters to a number of countries, announcing that he will apply significantly higher tariffs than previously announced, on imports from many trading partners starting August 1.
The administration of US President Donald Trump has issued an executive order extending the deadline for trade negotiations until August 1.
“I have determined, based on additional information and recommendations from multiple senior officials, including information on the status of discussions with trading partners, that it is necessary and appropriate to extend the suspension in effect under Executive Order 14266 until 12:00 a.m. Eastern Time on August 1, 2025,” the president’s executive order reads. The previous deadline for negotiations was July 9.
According to a notice published on the Truth Social platform, the Trump administration sent letters to 14 countries, from major economies such as Japan and South Korea to smaller exporters such as Serbia, Thailand and Tunisia, warning that any retaliation would result in an additional 25% response tariff.
“Our tariffs will always be 25% higher than any retaliatory tariffs imposed by other countries,” Mr. Trump stressed in a letter to Tokyo and Seoul.
The new tariffs would be applied alongside existing sectoral tariffs, such as those on cars, steel and aluminum. Cars from Japan, for example, would remain subject to a 25% tariff instead of rising to 50%, as many feared.
Meanwhile, South Korea said it would continue negotiations with the US to avoid consequences from the tariffs, calling the new announcement an “extension of the grace period” before the measures are formally implemented.
Currently, only two countries, the UK and Vietnam, have reached trade agreements with the US to avoid tariffs.
The list of countries subject to the new tax includes: Tunisia, Malaysia, Kazakhstan (25%), South Africa, Bosnia & Herzegovina (30%), Indonesia (32%), Serbia, Bangladesh (35%), Cambodia, Thailand (36%), Laos, Myanmar (40%).
US stocks fell sharply following the announcement from the US President. The S&P 500 index fell 0.8%, the biggest drop in three weeks. Shares of Japanese automakers Toyota and Honda fell 4.0% and 3.9%, respectively. The US dollar rose against the yen and the won.
“The tariff debate has drained the market of its energy,” said economist Brian Jacobsen. “The message from the letters is almost an ultimatum: take it or leave,” according to Reuters.
Treasury Secretary Scott Bessent said he would release more information on trade and tariffs in the next 48 hours. White House press secretary Karoline Leavitt warned that the letters were just the beginning. She added that the administration was focused on securing “tailor-made” trade deals with a variety of countries.
Meanwhile, the European Union has not received a letter imposing new tariffs. Sources have revealed that Brussels still hopes to reach a trade deal before July 9, following positive talks between European Commission President Ursula von der Leyen and Mr. Trump.
Source: https://baolangson.vn/tong-thong-trump-gui-thu-den-mot-loat-cac-nuoc-thong-bao-thue-quan-moi-5052534.html
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