US President Donald Trump on Monday announced higher duties on several countries, effective Aug. 1, after extending the July 9 deadline for his reciprocal tariff reprieve.
Trump sent letters to Japan and South Korea announcing 25% blanket tariffs, which are effectively the “Liberation Day” rates for the two major trading partners. He also sent notices to other countries, including Malaysia, Kazakhstan, South Africa, Laos, and Myanmar, dictating new tariff rates.
US stocks tumbled following the announcement, which dealt a blow to “hopes that Trump would scale back tariff threats and de-escalate a trade war,” FXStreet wrote.
“Once again, Trump is playing hardball when it comes to trade policy, and markets have been jolted awake.”
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