Trump announces fresh tariffs on 14 nations; max 40% on Myanmar, Laos
Trump sent letters to many countries explaining that the new reciprocal tariff rates are designed to make the terms of bilateral trade relationships more reciprocal over time and to address the national emergency caused by the massive US goods trade deficit, a White House factsheet said.
In some instances, countries will be subject to a revised reciprocal tariff rate that is lower than the rate initially announced on April 2. For others, the rate may be higher than the previous one.
President Donald Trump yesterday announced that certain tariff rates, which were initially set to expire on July 9, will now expire on August 1 this year. He also announced fresh reciprocal tariff rates for 14 countries, including Japan, South Korea, Cambodia, Bangladesh and Malaysia. The new tariffs will be effective from August 1. He, however, said the August 1 deadline was "not 100 per cent firm".
While Japan, South Korea, Kazakhstan, Malaysia, Tunisia were slapped a tariff rate of 25 per cent, the highest rate of 40 per cent was levied on Myanmar and Laos.
A reciprocal tariff rate of 36 per cent has been imposed on Thailand and Cambodia, while Bangladesh and Serbia were handed over a 35-per cent tariff rate.
Indonesia received 32 per cent, while both South Africa and Bosnia and Herzegovina got 30 per cent.
'Today's announcement, based on reciprocity and fairness, will help usher in a Golden Age for the American People," the White House factsheet noted.
Trump, however, said the August 1 deadline was "not 100 per cent firm", according to media reports.
The United States has reached agreements with only three nations till now: the United Kingdom, China and Vietnam.
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