Apparently impatient Trump slaps 25% tariffs on Japan, South Korea
Equal or higher tariffs imposed on others before Wednesday deadline
US President Donald Trump, apparently impatient with the slow progress of negotiations, on Monday slapped 25 per cent unilateral tariffs on Japan and South Korea and equal or higher import taxes on several other nations ahead of a self-imposed Wednesday deadline.
Analysts said the move shows that the mercurial American leader is using threats to jump-start negotiations.
Trump sent two-page letters to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung saying the new tariff rates would take effect on August 1.
Minutes later, Trump announced tariffs of 40 per cent on imports from Myanmar and Laos, 36 per cent on Cambodia and Thailand, 35 per cent on Bangladesh and Serbia, 32 per cent on Indonesia, 30 per cent on South Africa and on Bosnia and Herzegovina, and 25 per cent on Kazakhstan, Malaysia, and Tunisia. These rates all stem from an April 2 US announcement of global duties followed by a pause through this Wednesday to allow for talks with a list of affected countries.
Trump also warned all 14 recipients of his letters that if “for any reason” they decided to raise their tariffs, US tariffs would further increase by the same amount.
China is seen as unlikely to be affected by Monday’s release of tariff rates because Chinese and US negotiators have already reached a framework deal that would lower US tariffs to 55 per cent and Chinese tariffs to 10 per cent. China had faced the world’s highest tariffs – some 145 per cent – in April.