PVTIME – On 7 July, US President Donald Trump signed an executive order extending the suspension of so-called ‘reciprocal tariffs’, delaying their implementation from 9 July to 1 August.
From this date, tariffs will be applied to imports from 14 countries, with varying rates: 25% for goods from Japan, South Korea, Kazakhstan, Malaysia and Tunisia; 30% for goods from Bosnia and Herzegovina and South Africa; 32% for goods from Indonesia; 35% for goods from Bangladesh and Serbia; 36% for goods from Cambodia and Thailand; and 40% for goods from Laos and Myanmar.
Trump has since posted letters to the leaders of these 14 countries on social media, outlining his rationale for the tariffs and clarifying that they will not affect other sectors. In messages to Japan’s Prime Minister, Shigeru Ishiba, and South Korea’s President, Lee Jae-myung, he noted that the 25% tariff was ‘far below what’s needed to eliminate trade deficits’ with their respective countries.
While stating that the US aimed to continue cooperating with South Korea and Japan despite large trade deficits, Trump emphasised that this would be based on ‘more balanced, fairer trade’. He added that if South Korea or Japan responded with tariff hikes, the US would increase its own rates by an equivalent amount on top of the 25%.
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