US President Donald Trump on Monday threatened higher tariffs on several countries unless they strike trade deals by Aug. 1.
Trump sent letters to major trading partners, including Japan and South Korea, dictating new blanket tariffs after extending the July 9 deadline for imposing his “Liberation Day” duties.
The letters, which caused US stocks to tumble, are a message to those countries where White House officials “don’t believe that trade talks are going particularly well,” a former trade negotiator said. The notices also deal 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… and markets have been jolted awake.”
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