Donald Trump's Tariff Policy: Latest Updates and Impact on Global Trade
President Trump increases pressure on US trading partners with new tariff rates, while extending deadlines for reciprocal tariffs except for China.
President Trump's Tariff Policy Update
President Donald Trump escalated trade tensions on Monday by notifying several countries of new tariff rates through letters to their leaders. Simultaneously, he signed an executive action to extend the deadline for reciprocal tariffs, except for China, to August 1. The recipients of his letters, such as Japan's Prime Minister Shinzo Abe and South Korea's President Moon Jae-in, will face a 25% tariff by August 1.
In some cases, the new tariff rates specified in Trump's letters are higher or lower than April levels. Trump also sent similar letters to Malaysia, Kazakhstan, South Africa, Myanmar, and Laos, with tariff rates as high as 40%. Later in the day, he sent seven more letters to leaders of Tunisia, Bosnia and Herzegovina, Indonesia, Bangladesh, Serbia, Cambodia, and Thailand, bringing the total to 14 letters delivered on Monday.