Donald Trump serves up new tariffs
Trump also announced the US will impose 25 per cent tariffs on Malaysia and Kazakhstan, 30 per cent on South Africa and 40 per cent on Laos and Myanmar.
Meanwhile, Indonesia was hit with a 32 per cent tariff and Cambodia and Thailand 36 per cent.
Bosnia copped 30 per cent, while Bangladesh and Serbia got 35 per cent.
"If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25 per cent that we charge," Trump said in letters to the leaders of South Korea and Japan, which he posted on his Truth Social platform.
The rate for South Korea is the same that Trump initially announced on April 2, while the rate for Japan is one point higher than first announced.
Trump a week later capped all of the so-called reciprocal tariffs at 10 per cent until July 9 to allow for negotiations.
There was no immediate response from the Japanese or South Korean embassies on the announcement.
Only two agreements have so far been reached, with Britain and Vietnam.
US stocks fell in response, the latest market ruction since Trump unleashed a global trade war on his return to office in January.
The S&P 500 on Monday was down nearly 1.0 per cent, its biggest drop in three weeks.
His moves have repeatedly roiled financial markets and sent policymakers scrambling to protect their economies.
US-listed shares of Japanese automotive companies fell, with Toyota Motor down 4.1 per cent in early afternoon trading and Honda Motor off by 3.8 per cent.
US Treasury Secretary Scott Bessent said earlier on Monday he expected to make several trade announcements in the next 48 hours, adding that his inbox was full of last-ditch offers from countries to clinch a tariff deal before a July 9 deadline.
Countries have scrambled to hammer out deals before the Wednesday deadline.
South Korea and Indonesia dispatched representatives to Washington, while Thailand submitted a new trade proposal offering zero tariffs on many US goods.
Bessent did not say which countries could get deals and what they might contain.
Trump has kept much of the world guessing on the outcome of months of talks with countries hoping to avoid the hefty tariff hikes he has threatened.
"We've had a lot of people change their tune in terms of negotiations. So my mailbox was full last night with a lot of new offers, a lot of new proposals," Bessent said in an interview with CNBC.
The European Union will not be receiving a letter setting out higher tariffs, EU sources familiar with the matter told Reuters on Monday.
For its part, the European Union still aims to reach a trade deal by July 9 after European Commission President Ursula von der Leyen and Trump had a "good exchange," a Commission spokesperson said.
It was not immediately clear, however, whether there had been a meaningful breakthrough in talks to stave off tariff hikes on the United States' largest trading partner.
Adding to the pressure, Trump threatened to impose a 17 per cent tariff on EU food and agriculture exports, it emerged last week.
The EU has been torn over whether to push for a quick and light trade deal or back its own economic clout in trying to negotiate a better outcome.
It had already dropped hopes for a comprehensive trade agreement before the July deadline.
"We want to reach a deal with the US We want to avoid tariffs," the spokesperson told reporters at a daily briefing.
"We want to achieve win-win outcomes, not lose-lose outcomes."
Without a preliminary agreement, broad US tariffs on most imports would rise from their current 10 per cent to the rates set out by Trump on April 2.
In the EU's case, that would be 20 per cent.
Von der Leyen also held talks with the leaders of Germany, France and Italy at the weekend, Germany said.
President Donald Trump says the US will impose a 25 per cent tariff on imports from Japan and South Korea beginning August 1 as he unveiled the first two of what he has said will be a wave of letters to trading partners outlining the new levies they face.
Trump also announced the US will impose 25 per cent tariffs on Malaysia and Kazakhstan, 30 per cent on South Africa and 40 per cent on Laos and Myanmar.
Meanwhile, Indonesia was hit with a 32 per cent tariff and Cambodia and Thailand 36 per cent.
Bosnia copped 30 per cent, while Bangladesh and Serbia got 35 per cent.
"If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25 per cent that we charge," Trump said in letters to the leaders of South Korea and Japan, which he posted on his Truth Social platform.
The rate for South Korea is the same that Trump initially announced on April 2, while the rate for Japan is one point higher than first announced.
Trump a week later capped all of the so-called reciprocal tariffs at 10 per cent until July 9 to allow for negotiations.
There was no immediate response from the Japanese or South Korean embassies on the announcement.
Only two agreements have so far been reached, with Britain and Vietnam.
US stocks fell in response, the latest market ruction since Trump unleashed a global trade war on his return to office in January.
The S&P 500 on Monday was down nearly 1.0 per cent, its biggest drop in three weeks.
His moves have repeatedly roiled financial markets and sent policymakers scrambling to protect their economies.
US-listed shares of Japanese automotive companies fell, with Toyota Motor down 4.1 per cent in early afternoon trading and Honda Motor off by 3.8 per cent.
US Treasury Secretary Scott Bessent said earlier on Monday he expected to make several trade announcements in the next 48 hours, adding that his inbox was full of last-ditch offers from countries to clinch a tariff deal before a July 9 deadline.
Countries have scrambled to hammer out deals before the Wednesday deadline.
South Korea and Indonesia dispatched representatives to Washington, while Thailand submitted a new trade proposal offering zero tariffs on many US goods.
Bessent did not say which countries could get deals and what they might contain.
Trump has kept much of the world guessing on the outcome of months of talks with countries hoping to avoid the hefty tariff hikes he has threatened.
"We've had a lot of people change their tune in terms of negotiations. So my mailbox was full last night with a lot of new offers, a lot of new proposals," Bessent said in an interview with CNBC.
The European Union will not be receiving a letter setting out higher tariffs, EU sources familiar with the matter told Reuters on Monday.
For its part, the European Union still aims to reach a trade deal by July 9 after European Commission President Ursula von der Leyen and Trump had a "good exchange," a Commission spokesperson said.
It was not immediately clear, however, whether there had been a meaningful breakthrough in talks to stave off tariff hikes on the United States' largest trading partner.
Adding to the pressure, Trump threatened to impose a 17 per cent tariff on EU food and agriculture exports, it emerged last week.
The EU has been torn over whether to push for a quick and light trade deal or back its own economic clout in trying to negotiate a better outcome.
It had already dropped hopes for a comprehensive trade agreement before the July deadline.
"We want to reach a deal with the US We want to avoid tariffs," the spokesperson told reporters at a daily briefing.
"We want to achieve win-win outcomes, not lose-lose outcomes."
Without a preliminary agreement, broad US tariffs on most imports would rise from their current 10 per cent to the rates set out by Trump on April 2.
In the EU's case, that would be 20 per cent.
Von der Leyen also held talks with the leaders of Germany, France and Italy at the weekend, Germany said.
President Donald Trump says the US will impose a 25 per cent tariff on imports from Japan and South Korea beginning August 1 as he unveiled the first two of what he has said will be a wave of letters to trading partners outlining the new levies they face.
Trump also announced the US will impose 25 per cent tariffs on Malaysia and Kazakhstan, 30 per cent on South Africa and 40 per cent on Laos and Myanmar.
Meanwhile, Indonesia was hit with a 32 per cent tariff and Cambodia and Thailand 36 per cent.
Bosnia copped 30 per cent, while Bangladesh and Serbia got 35 per cent.
"If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25 per cent that we charge," Trump said in letters to the leaders of South Korea and Japan, which he posted on his Truth Social platform.
The rate for South Korea is the same that Trump initially announced on April 2, while the rate for Japan is one point higher than first announced.
Trump a week later capped all of the so-called reciprocal tariffs at 10 per cent until July 9 to allow for negotiations.
There was no immediate response from the Japanese or South Korean embassies on the announcement.
Only two agreements have so far been reached, with Britain and Vietnam.
US stocks fell in response, the latest market ruction since Trump unleashed a global trade war on his return to office in January.
The S&P 500 on Monday was down nearly 1.0 per cent, its biggest drop in three weeks.
His moves have repeatedly roiled financial markets and sent policymakers scrambling to protect their economies.
US-listed shares of Japanese automotive companies fell, with Toyota Motor down 4.1 per cent in early afternoon trading and Honda Motor off by 3.8 per cent.
US Treasury Secretary Scott Bessent said earlier on Monday he expected to make several trade announcements in the next 48 hours, adding that his inbox was full of last-ditch offers from countries to clinch a tariff deal before a July 9 deadline.
Countries have scrambled to hammer out deals before the Wednesday deadline.
South Korea and Indonesia dispatched representatives to Washington, while Thailand submitted a new trade proposal offering zero tariffs on many US goods.
Bessent did not say which countries could get deals and what they might contain.
Trump has kept much of the world guessing on the outcome of months of talks with countries hoping to avoid the hefty tariff hikes he has threatened.
"We've had a lot of people change their tune in terms of negotiations. So my mailbox was full last night with a lot of new offers, a lot of new proposals," Bessent said in an interview with CNBC.
The European Union will not be receiving a letter setting out higher tariffs, EU sources familiar with the matter told Reuters on Monday.
For its part, the European Union still aims to reach a trade deal by July 9 after European Commission President Ursula von der Leyen and Trump had a "good exchange," a Commission spokesperson said.
It was not immediately clear, however, whether there had been a meaningful breakthrough in talks to stave off tariff hikes on the United States' largest trading partner.
Adding to the pressure, Trump threatened to impose a 17 per cent tariff on EU food and agriculture exports, it emerged last week.
The EU has been torn over whether to push for a quick and light trade deal or back its own economic clout in trying to negotiate a better outcome.
It had already dropped hopes for a comprehensive trade agreement before the July deadline.
"We want to reach a deal with the US We want to avoid tariffs," the spokesperson told reporters at a daily briefing.
"We want to achieve win-win outcomes, not lose-lose outcomes."
Without a preliminary agreement, broad US tariffs on most imports would rise from their current 10 per cent to the rates set out by Trump on April 2.
In the EU's case, that would be 20 per cent.
Von der Leyen also held talks with the leaders of Germany, France and Italy at the weekend, Germany said.
President Donald Trump says the US will impose a 25 per cent tariff on imports from Japan and South Korea beginning August 1 as he unveiled the first two of what he has said will be a wave of letters to trading partners outlining the new levies they face.
Trump also announced the US will impose 25 per cent tariffs on Malaysia and Kazakhstan, 30 per cent on South Africa and 40 per cent on Laos and Myanmar.
Meanwhile, Indonesia was hit with a 32 per cent tariff and Cambodia and Thailand 36 per cent.
Bosnia copped 30 per cent, while Bangladesh and Serbia got 35 per cent.
"If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25 per cent that we charge," Trump said in letters to the leaders of South Korea and Japan, which he posted on his Truth Social platform.
The rate for South Korea is the same that Trump initially announced on April 2, while the rate for Japan is one point higher than first announced.
Trump a week later capped all of the so-called reciprocal tariffs at 10 per cent until July 9 to allow for negotiations.
There was no immediate response from the Japanese or South Korean embassies on the announcement.
Only two agreements have so far been reached, with Britain and Vietnam.
US stocks fell in response, the latest market ruction since Trump unleashed a global trade war on his return to office in January.
The S&P 500 on Monday was down nearly 1.0 per cent, its biggest drop in three weeks.
His moves have repeatedly roiled financial markets and sent policymakers scrambling to protect their economies.
US-listed shares of Japanese automotive companies fell, with Toyota Motor down 4.1 per cent in early afternoon trading and Honda Motor off by 3.8 per cent.
US Treasury Secretary Scott Bessent said earlier on Monday he expected to make several trade announcements in the next 48 hours, adding that his inbox was full of last-ditch offers from countries to clinch a tariff deal before a July 9 deadline.
Countries have scrambled to hammer out deals before the Wednesday deadline.
South Korea and Indonesia dispatched representatives to Washington, while Thailand submitted a new trade proposal offering zero tariffs on many US goods.
Bessent did not say which countries could get deals and what they might contain.
Trump has kept much of the world guessing on the outcome of months of talks with countries hoping to avoid the hefty tariff hikes he has threatened.
"We've had a lot of people change their tune in terms of negotiations. So my mailbox was full last night with a lot of new offers, a lot of new proposals," Bessent said in an interview with CNBC.
The European Union will not be receiving a letter setting out higher tariffs, EU sources familiar with the matter told Reuters on Monday.
For its part, the European Union still aims to reach a trade deal by July 9 after European Commission President Ursula von der Leyen and Trump had a "good exchange," a Commission spokesperson said.
It was not immediately clear, however, whether there had been a meaningful breakthrough in talks to stave off tariff hikes on the United States' largest trading partner.
Adding to the pressure, Trump threatened to impose a 17 per cent tariff on EU food and agriculture exports, it emerged last week.
The EU has been torn over whether to push for a quick and light trade deal or back its own economic clout in trying to negotiate a better outcome.
It had already dropped hopes for a comprehensive trade agreement before the July deadline.
"We want to reach a deal with the US We want to avoid tariffs," the spokesperson told reporters at a daily briefing.
"We want to achieve win-win outcomes, not lose-lose outcomes."
Without a preliminary agreement, broad US tariffs on most imports would rise from their current 10 per cent to the rates set out by Trump on April 2.
In the EU's case, that would be 20 per cent.
Von der Leyen also held talks with the leaders of Germany, France and Italy at the weekend, Germany said.
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Perth Now
an hour ago
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The Advertiser
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The Advertiser
2 hours ago
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Trump said the United States would impose tariffs of 25 per cent on goods from Tunisia, Malaysia and Kazakhstan, with levies of 30 per cent on South Africa, Bosnia and Herzegovina, climbing to 32 per cent on Indonesia, 35 per cent on Serbia and Bangladesh, 36 per cent on Cambodia and Thailand and 40 per cent on Laos and Myanmar. A Bangladesh team in Washington was scheduled to have further trade talks on Wednesday, an official said. The US is the main export market for Bangladesh's ready-made garments industry, which accounts for more than 80 per cent of its export earnings and employs four million people. "This is absolutely shocking news for us," Mahmud Hasan Khan, president of Bangladesh Garment Manufacturers and Exporters Association, told Reuters on Tuesday. "We were really hoping the tariffs would be somewhere between 10-20 per cent. This will hurt our industry badly." Powerhouse Asian economies Japan and South Korea will try to negotiate with the US to soften the impact of sharply higher tariffs that President Donald Trump now plans to impose from the start of August. Trump ramped up his trade war again on Monday, telling 14 nations that they would face tariffs ranging from 25 per cent for countries including Japan and South Korea, to 40 per cent for Laos and Myanmar. However, with the start date pushed back to August 1, those countries are focusing on the new three-week window to press for an easier ride. Japan wanted concessions for its large automobile industry, top trade negotiator Ryosei Akazawa said on Tuesday. Akazawa said he held a 40-minute phone call with US Commerce Secretary Howard Lutnick in which the two agreed to actively continue negotiations. However, he said he would not sacrifice Japan's agriculture sector - a powerful political lobby domestically - for the sake of an early deal. South Korea said it planned to intensify trade talks over the coming weeks "to reach a mutually beneficial result". Asked if the latest deadline was firm, Trump replied on Monday: "I would say firm but not 100 per cent firm. "If they call up and they say we'd like to do something a different way, we're going to be open to that." Market reaction was muted as investors assessed the latest twist in the long-running trade saga. The European Union, which is the largest bilateral trade partner of the US, aimed to strike a deal before August 1 with negotiations focused on "rebalancing" and concessions for certain key export industries, a European source familiar with the negotiations said. Some EU sources had said late on Monday that the bloc was close to an agreement with the Trump administration. This could involve limited concessions to US baseline tariffs of 10 per cent for aircraft and parts, some medical equipment and spirits. Only two deals have been struck so far, with Britain and Vietnam. Washington and Beijing agreed to a trade framework in June, but with many details still unclear, traders and investors are watching to see if it unravels or leads to a lasting detente. Trump's trade tactics were making it hard for nations and businesses to plan with any certainty, the executive director of the United Nations trade agency said on Tuesday. "This move actually extends the period of uncertainty, undermining long-term investment and business contracts, and creating further uncertainty and instability," Pamela Coke-Hamilton, executive director of the International Trade Centre, told reporters in Geneva. Trump said the United States would impose tariffs of 25 per cent on goods from Tunisia, Malaysia and Kazakhstan, with levies of 30 per cent on South Africa, Bosnia and Herzegovina, climbing to 32 per cent on Indonesia, 35 per cent on Serbia and Bangladesh, 36 per cent on Cambodia and Thailand and 40 per cent on Laos and Myanmar. A Bangladesh team in Washington was scheduled to have further trade talks on Wednesday, an official said. The US is the main export market for Bangladesh's ready-made garments industry, which accounts for more than 80 per cent of its export earnings and employs four million people. "This is absolutely shocking news for us," Mahmud Hasan Khan, president of Bangladesh Garment Manufacturers and Exporters Association, told Reuters on Tuesday. "We were really hoping the tariffs would be somewhere between 10-20 per cent. This will hurt our industry badly." Powerhouse Asian economies Japan and South Korea will try to negotiate with the US to soften the impact of sharply higher tariffs that President Donald Trump now plans to impose from the start of August. Trump ramped up his trade war again on Monday, telling 14 nations that they would face tariffs ranging from 25 per cent for countries including Japan and South Korea, to 40 per cent for Laos and Myanmar. However, with the start date pushed back to August 1, those countries are focusing on the new three-week window to press for an easier ride. Japan wanted concessions for its large automobile industry, top trade negotiator Ryosei Akazawa said on Tuesday. Akazawa said he held a 40-minute phone call with US Commerce Secretary Howard Lutnick in which the two agreed to actively continue negotiations. However, he said he would not sacrifice Japan's agriculture sector - a powerful political lobby domestically - for the sake of an early deal. South Korea said it planned to intensify trade talks over the coming weeks "to reach a mutually beneficial result". Asked if the latest deadline was firm, Trump replied on Monday: "I would say firm but not 100 per cent firm. "If they call up and they say we'd like to do something a different way, we're going to be open to that." Market reaction was muted as investors assessed the latest twist in the long-running trade saga. The European Union, which is the largest bilateral trade partner of the US, aimed to strike a deal before August 1 with negotiations focused on "rebalancing" and concessions for certain key export industries, a European source familiar with the negotiations said. Some EU sources had said late on Monday that the bloc was close to an agreement with the Trump administration. This could involve limited concessions to US baseline tariffs of 10 per cent for aircraft and parts, some medical equipment and spirits. Only two deals have been struck so far, with Britain and Vietnam. Washington and Beijing agreed to a trade framework in June, but with many details still unclear, traders and investors are watching to see if it unravels or leads to a lasting detente. Trump's trade tactics were making it hard for nations and businesses to plan with any certainty, the executive director of the United Nations trade agency said on Tuesday. "This move actually extends the period of uncertainty, undermining long-term investment and business contracts, and creating further uncertainty and instability," Pamela Coke-Hamilton, executive director of the International Trade Centre, told reporters in Geneva. Trump said the United States would impose tariffs of 25 per cent on goods from Tunisia, Malaysia and Kazakhstan, with levies of 30 per cent on South Africa, Bosnia and Herzegovina, climbing to 32 per cent on Indonesia, 35 per cent on Serbia and Bangladesh, 36 per cent on Cambodia and Thailand and 40 per cent on Laos and Myanmar. A Bangladesh team in Washington was scheduled to have further trade talks on Wednesday, an official said. The US is the main export market for Bangladesh's ready-made garments industry, which accounts for more than 80 per cent of its export earnings and employs four million people. "This is absolutely shocking news for us," Mahmud Hasan Khan, president of Bangladesh Garment Manufacturers and Exporters Association, told Reuters on Tuesday. "We were really hoping the tariffs would be somewhere between 10-20 per cent. This will hurt our industry badly." Powerhouse Asian economies Japan and South Korea will try to negotiate with the US to soften the impact of sharply higher tariffs that President Donald Trump now plans to impose from the start of August. Trump ramped up his trade war again on Monday, telling 14 nations that they would face tariffs ranging from 25 per cent for countries including Japan and South Korea, to 40 per cent for Laos and Myanmar. However, with the start date pushed back to August 1, those countries are focusing on the new three-week window to press for an easier ride. Japan wanted concessions for its large automobile industry, top trade negotiator Ryosei Akazawa said on Tuesday. Akazawa said he held a 40-minute phone call with US Commerce Secretary Howard Lutnick in which the two agreed to actively continue negotiations. However, he said he would not sacrifice Japan's agriculture sector - a powerful political lobby domestically - for the sake of an early deal. South Korea said it planned to intensify trade talks over the coming weeks "to reach a mutually beneficial result". Asked if the latest deadline was firm, Trump replied on Monday: "I would say firm but not 100 per cent firm. "If they call up and they say we'd like to do something a different way, we're going to be open to that." Market reaction was muted as investors assessed the latest twist in the long-running trade saga. The European Union, which is the largest bilateral trade partner of the US, aimed to strike a deal before August 1 with negotiations focused on "rebalancing" and concessions for certain key export industries, a European source familiar with the negotiations said. Some EU sources had said late on Monday that the bloc was close to an agreement with the Trump administration. This could involve limited concessions to US baseline tariffs of 10 per cent for aircraft and parts, some medical equipment and spirits. Only two deals have been struck so far, with Britain and Vietnam. Washington and Beijing agreed to a trade framework in June, but with many details still unclear, traders and investors are watching to see if it unravels or leads to a lasting detente. Trump's trade tactics were making it hard for nations and businesses to plan with any certainty, the executive director of the United Nations trade agency said on Tuesday. "This move actually extends the period of uncertainty, undermining long-term investment and business contracts, and creating further uncertainty and instability," Pamela Coke-Hamilton, executive director of the International Trade Centre, told reporters in Geneva. Trump said the United States would impose tariffs of 25 per cent on goods from Tunisia, Malaysia and Kazakhstan, with levies of 30 per cent on South Africa, Bosnia and Herzegovina, climbing to 32 per cent on Indonesia, 35 per cent on Serbia and Bangladesh, 36 per cent on Cambodia and Thailand and 40 per cent on Laos and Myanmar. A Bangladesh team in Washington was scheduled to have further trade talks on Wednesday, an official said. The US is the main export market for Bangladesh's ready-made garments industry, which accounts for more than 80 per cent of its export earnings and employs four million people. "This is absolutely shocking news for us," Mahmud Hasan Khan, president of Bangladesh Garment Manufacturers and Exporters Association, told Reuters on Tuesday. "We were really hoping the tariffs would be somewhere between 10-20 per cent. This will hurt our industry badly."
