President Donald Trump has announced an extension of the deadline for imposing higher tariffs on imports from 14 countries, including Japan and South Korea, delaying the measures until August.
The decision comes as a 90-day pause on some of the administration’s significant import taxes was set to expire this week. The president reaffirmed the possibility of a 25% tariff on products from Japan and South Korea, and disclosed letters sent to other world leaders outlining possible duties starting August 1.
Originally, higher tariff rates were scheduled to take effect on July 9 but were previously suspended to allow for potential trade agreements. On Monday, Trump posted letters addressed to leaders of the affected countries on social media, indicating that rates could be adjusted “upward or downward” depending on each nation’s trade relationship with the United States.
Most of the proposed tariff rates remain consistent with the levels announced in April. In addition to Japan and South Korea, the updated plan includes a 40% tariff on goods from Myanmar and Laos, 36% on Thailand and Cambodia, 35% on Serbia and Bangladesh, 32% on Indonesia, 30% on South Africa, and 25% on Malaysia and Tunisia.
White House Press Secretary Karoline Leavitt stated that more communications with other countries could follow. She emphasized that the extended deadline does not lessen the impact of the proposed tariffs, noting continued outreach from foreign leaders seeking trade arrangements.
Treasury Secretary Scott Bessent described the coming days as busy, reporting an increase in negotiations and new proposals from various countries.
Trump first announced these tariff plans in April, describing them as a way to address trade practices he views as disadvantageous to U.S. businesses. The administration has also introduced other tariffs on sectors such as steel and automobiles, citing national security considerations.
Economists have raised concerns that higher import duties could lead to increased costs for American consumers and businesses. U.S. stock markets reflected some investor caution on Monday, with shares of Toyota’s U.S.-listed stock declining 4%.
Japan remains one of the largest suppliers of goods to the U.S., exporting over $148 billion in products last year, ranking fifth behind the EU, Mexico, China, and Canada. South Korea is also among the top ten import partners.
The U.S. has already reached trade agreements with the UK and Vietnam, and a partial deal with China, which have resulted in higher tariffs compared to previous levels. Negotiations with India are reported to be close to conclusion, while discussions continue with the European Union.
Recently, Trump warned Japan of a potential 30% to 35% tariff if an agreement is not reached soon.
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