Trump Set to Impose Sweeping Tariffs on 14 Nations
(MENAFN) U.S. President Donald Trump announced on Monday via social media that starting August 1, a 25-percent tariff will be imposed on imports from Japan and the Republic of Korea (ROK).
In letters sent to the leaders of these two nations, Trump clarified that these new tariffs will be distinct from any other existing sector-specific tariffs.
He further revealed that similar letters have been dispatched to the heads of 12 additional countries—Malaysia, Kazakhstan, South Africa, Myanmar, Laos, Tunisia, Indonesia, Bangladesh, Serbia, Bosnia and Herzegovina (BiH), Cambodia, and Thailand—informing them that tariffs ranging from 25 to 40 percent will take effect next month.
The breakdown of the tariff rates includes 25 percent for Malaysia, Kazakhstan, and Tunisia; 30 percent for South Africa and BiH; 32 percent for Indonesia; 35 percent for Bangladesh and Serbia; 36 percent for Cambodia and Thailand; and the highest rate of 40 percent for Laos and Myanmar.
In nearly identical letters, Trump emphasized to these countries that the imposed tariffs "is far less than what is needed to eliminate the Trade Deficit disparity we have with your Country."
He cautioned that any retaliatory tariff hikes from these nations will trigger an immediate equivalent increase in U.S. tariffs.
Trump added, "there will be no tariff if these countries or their companies decide to build or manufacture products within the United States," promising expedited approvals by stating, "in fact, we will do everything possible to get approvals quickly, professionally, and routinely -- In other words, in a matter of weeks."
Moreover, he indicated a potential for negotiation by saying, "if you wish to open your heretofore closed Trading Markets to the United States, and eliminate your Tariff, and Non Tariff, Policies and Trade Barriers, we will, perhaps, consider an adjustment to this letter."
White House Press Secretary Karoline Leavitt confirmed on Monday afternoon that Trump intends to sign an executive order extending the suspension on "reciprocal tariffs" from July 9 through August 1.
"So, the reciprocal tariff rate or these new rates that will be provided in this correspondence to these foreign leaders will be going out the door within the next month or deals will be made," Leavitt stated.
In a related development on Wednesday, Trump announced that the U.S. has secured a trade agreement with Vietnam, which includes a 20-percent tariff on Vietnamese exports to the United States.
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