Trump says countries to start paying tariffs on Aug 1, floats range of 10% to 70%
Many major trading partners, such as Japan, South Korea and the European Union, are still working to finalise deals.
WASHINGTON – US President Donald Trump said that his administration will
start sending out letters to trading partners on July 4 setting unilateral tariff rates, which he said countries would have to begin paying on Aug 1.
Mr Trump told reporters that about '10 or 12' letters would go out on July 4, with additional letters coming 'over the next few days'.
'I think by the ninth they'll be fully covered,' Mr Trump added, referring to a July 9 deadline he initially set for countries to reach deals with the US to avoid higher import duties he has threatened. 'They'll range in value from maybe 60 or 70 per cent tariffs to 10 and 20 per cent tariffs,' he added.
The top tier of that range, if formalised, would be higher than any tariffs the president initially outlined during his 'Liberation Day' rollout in early April. Those ranged from a 10 per cent baseline tariff on most economies up to a maximum of 50 per cent.
Mr Trump did not elaborate on which countries would get the tariffs or whether that meant certain goods would be taxed at a higher rate than others.
He said that countries would 'start to pay on Aug 1. The money will start going to come into the United States on Aug 1'.
Mr Trump has long threatened that if countries fail to reach deals with the US before next week's deadline, he would simply impose rates on them, raising the stakes for trading partners who have rushed to secure agreements with his administration.
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The US President initially announced his higher so-called 'reciprocal' tariffs on April 2, but paused those for 90 days to allow countries time to negotiate, putting in place a 10 per cent rate during that interval.
So far, the Trump administration has
announced deals with the UK and Vietnam and agreed to a truce with China that saw the world's two largest economies ease tit-for-tat tariffs.
Asked on July 3 if more deals were on the way, Mr Trump responded that 'we have a couple of other deals, but you know, my inclination is to send a letter out and say what tariffs they are going to be paying'.
'It's much easier,' he said.
Mr Trump announced the Vietnam deal on July 2, saying that the US would place a 20 per cent tariff on Vietnamese exports to the US and a 40 per cent rate on goods deemed transshipped through the nation – a reference to the practice whereby components from China and possibly other nations are routed through third countries on their way to the US.
While the rates are lower than the 46 per cent duty Mr Trump imposed on Vietnam initially, they are higher than the universal 10 per cent level. And many of the particulars of the deal are still unclear, with the White House yet to release a term sheet or publish any proclamation codifying the agreement.
Still, investors who have eagerly anticipated any deals between the US and trading partners were buoyed on July 2 by the Vietnam announcement, which saw share prices of American manufacturers with facilities in the country rise.
Many major trading partners, however, such as Japan, South Korea and the European Union, are still working to finalise deals.
Mr Trump has expressed optimism about reaching an agreement with India but has spoken harshly about the prospects of an accord with Japan, casting Tokyo as a difficult negotiating partner. He intensified his criticism this week, saying that Japan should be forced to 'pay 30 per cent, 35 per cent or whatever the number is that we determine'.
The President on July 2 also said he was not considering delaying next week's deadline. Asked about any potential extension of talks, US Treasury Secretary Scott Bessent said earlier that Mr Trump would make the final call.
'We're going to do what the president wants, and he'll be the one to determine whether they're negotiating in good faith,' Mr Bessent said on CNBC when asked whether the deadline might be lengthened. BLOOMBERG
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- Business Times
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an hour ago
- Straits Times
Where to find restaurant-quality Japanese food in Singapore hawker centres and coffee shops
Sign up now: Get ST's newsletters delivered to your inbox (Clockwise from left) Mentai Ebi Fry Don from Haru-Haru; salmon and scallop sashimi from Ten Ten Otoko Japanese Food; and Unagi Ju Don and Tonkatsu With Pork Suki Don from Jinggho Shokudo. SINGAPORE – At Ten Ten Otoko, a Japanese food stall tucked inside a coffee shop in Lavender, stall owner David Wong deftly slices slabs of sashimi-grade salmon. He pats them on ice, garnishing them with lemon slices to counter the heat of the setting with no air-conditioning. The price? Ten dollars for five hefty slices. The 39-year-old, who opened the stall in August 2024, started out serving raw fish and sushi at a coffee-shop stall at Punggol's Edgefield Plains, which he ran from January 2022 until he moved out in December 2023, to a larger space. His motivation is to deliver well-priced Japanese fare, served with the flair and discipline of a restaurant kitchen, that regulars are able to afford more than once a week. More hawkers are now following a similar playbook, raising the bar for Japanese cuisine in neighbourhood coffee shops and hawker centres. Over the past year, a wave of cooks and chefs who used to work in Japanese restaurants have opened such stalls – from Haru-Haru, serving mentai tonkatsu in Bras Basah, to Jinggho Shokudo, which operates out of Yishun Park Hawker Centre and Beauty World Centre. They took the leap to run their own business with a low barrier to entry, setting up stalls with modest start-up costs – from about $20,000. Top stories Swipe. Select. Stay informed. 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'You can customise your menu, present your food the way you want and eventually earn money,' he says. Pork Shogayaki Donburi, 6 Kind Sashimi Donburi, and salmon and hotate sashimi at Ten Ten Otoko. ST PHOTO: TARYN NG Mr Ye Guo Wei, 41, who runs Xin Japanese Cuisine Legendary at a coffee shop in New Upper Changi Road, agrees. 'Even though I'm a stallholder and not a restaurant owner, I still get to make my own decisions. I don't have to justify to anyone why I choose to use better-quality mirin or high-grade Japanese shoyu.' Owner of Haru-Haru, Mr Yuki Haruyama, 37, who hails from Osaka and previously ran the kitchen at an izakaya in Novena, made his foray with a foodcourt stall in Bras Basah. He pooled $50,000 with a local partner to start the stall. Starting an izakaya, he says, would have set him back by at least $300,000. His other motivation for starting small? 'There are many good Japanese restaurants in Singapore, but there's a lack of quality Japanese food at the foodcourt level. I want to give a good representation of our cuisine at affordable prices.' Nothing at his stall costs more than $14.90. Although his items are 30 to 40 per cent pricier than those of neighbouring stalls, which sell local staples such as chicken rice and fish ball noodles, Mr Wong hopes to draw customers living farther afield with his quality and consistency. 'They understand the value they are getting and, at the same time, are willing to forgo the niceties like service, air-conditioning and ambience,' he says. His other wish is to see coffee-shop culture in Singapore evolve with better food and more options. 'People will not think of just satisfying their hunger when they come to coffee shops or hawker centres, but want to satisfy their cravings. I hope we can become a form of competition to restaurants with the quality of our food,' he says. Here are five stalls serving hearty Japanese meals under $20. Ten Ten Otoko: Sashimi and donburi in a coffee shop Where: Stall 6, Kimly @ Da Sun Food House, 01-01 Kitchener Complex, Block 808 French Road Open: 11am to 8.30pm daily Tel: 9862-7740 Donburi anchors the menu at Ten Ten Otoko, with prices r anging from $8.90 for a Karaage Oyako Don to $22.90 for a Tenten Deluxe Donburi, packed with premium sashimi such as aka ebi (Argentine red shrimp) and ikura (salmon roe). Portions are generous. Singaporean stall owner David Wong, 39, a former chef at several Japanese restaurants here, left his role as sous chef at a fine-dining Japanese establishment in Marina Square in 2015 to open his first stall, Otoko Japanese Food, at a coffee shop in Sultan Plaza in 2016. Owner of Ten Ten Otoko, Mr David Wong, wants customers to feel full after dining at his stall. ST PHOTO: TARYN NG Sashimi such as hotate (scallop) is priced at $15 for an a la carte order. Salmon and hotate served as sashimi at Ten Ten Otoko. ST PHOTO: TARYN NG Top sellers include the Pork Shogayaki Donburi with Onsen Egg ($9.90), featuring marinated pork loin pan-fried with ginger, and the 6 Kind Sashimi Donburi ($13.90), topped with salmon, scallop, hamachi, maguro, swordfish and either octopus or squid, depending on availability. Pork Shogayaki Donburi comes with complimentary miso soup and watermelon. ST PHOTO: TARYN NG First-time customers are often surprised to find that each main course comes with a complimentary bowl of miso soup and two slices of watermelon. Filter out the brown plastic tray and the presentation evokes a set meal in a Japanese restaurant. Mr Wong reveals that the complimentary watermelon costs him up to $1,000 monthly, hitting $1,600 two months ago on an exceptionally brisk month. His miso soup is prepared with Japanese dashi. 'I want to give customers a complete meal. It is like a perfect symphony, complete with drums, bass and violin,' he adds with a chuckle. 'Customers must feel full,' he says. 'My food is not cheap for coffee shop fare, but it is definitely value for money.' To avoid a budget look, he opts for melamine bowls and plates that resemble enamelware or ceramic, along with Japanese-style chopsticks with a satisfying heft. But he says food costs currently hover at 45 to 47 per cent of operating expenses. Premium ingredients – such as Canadian grass-fed pork, which costs up to $20 a kilogram, and swordfish at $35 a kilogram – have become too expensive, and he may have to prune his menu soon. 6 Kind Sashimi Donburi at Ten Ten Otoko Japanese Food is likely to be retired after a menu change in a few months' time. ST PHOTO: TARYN NG Salmon sashimi will remain on the menu at Ten Ten Otoko. ST PHOTO: TARYN NG With a new outlet opening at Lucky Plaza in July, he says labour costs make it even more crucial to manage overheads. But the bachelor remains focused on quality and rejects the use of factory-made sauces or pre-cooked components. 'I do not intend to have a central kitchen. My workers are trained and have the skills to prepare our own blends of sauces and go through the needed cooking processes,' he says. 'We serve Japanese food made with soul.' Jinggho Shokudo: Restaurant-quality fare at hawker prices Where: 01-17 Yishun Park Hawker Centre, 51 Yishun Avenue 11 Open: 11am to 9pm, Tuesdays to Sundays. Closed on Mondays Tel: 8510-2979 With more than a decade of experience working across ramen, tendon and other concepts under a Japanese restaurant group, Mr Alexander Kong, 34, aims to offer the kind of Japanese fare common in malls, but at hawker prices. Mr Alexander Kong at his Japanese food stall Jinggho Shokudo at Yishun Park Hawker Centre. ST PHOTO: TARYN NG His stall, Jinggho Shokudo, opened at Yishun Park Hawker Centre in March 2024. A second outlet followed at Beauty World Centre's food centre in August the same year. Originally from Kampar in Perak, Malaysia, Mr Kong came to Singapore in 2008 at age 18. He began as a kitchen helper at a ramen restaurant and rose to become kitchen leader. His time at various concepts within the same group deepened his knowledge of Japanese cuisine, from tempura to donburi. But pandemic-driven salary cuts prompted him to pivot to food delivery. A fellow former gig worker, learning of his culinary background, partnered him to start a stall at Yishun Park Hawker Centre. It was a chance for him to return to cooking and offer Japanese food at more accessible prices. Their target market: diners in their 20s to 50s who are familiar with mall-based Japanese restaurants, but prefer more affordable options for everyday meals. Mr Kong named the stall Jinggho Shokudo – 'Jinggho' means 'very good' in Hokkien, a phrase many locals recognise. Business was brisk from the start. The venture broke even in just four months. Prices begin at $6 for Teriyaki Chicken Katsu. The most expensive item, Unagi Ju Don ($16.80), features a full slab of grilled eel and a brick of tamagoyaki drizzled with nacho cheese sauce and Kewpie mayonnaise, a fusion element to appeal to younger diners. Unagi Ju Don with miso soup at Jinggho Shokudo at Yishun Park Hawker Centre. ST PHOTO: TARYN NG Like other new-wave Japanese stalls focused on housemade sauces and quality ingredients, Mr Kong sources his eel from Taiwan – $135 for a box of 25 – instead of China, where 28 pieces cost $128. He says Taiwanese eel has finer bones and a firmer texture, and no fishy odour. The eel is grilled, torched and finished with a savoury-sweet housemade unagi sauce made from shoyu, fish stock, kombu, mirin and cooking sake. Mr Kong torches the eel for Unagi Ju Don. ST PHOTO: TARYN NG In comparison, he notes, an unagi rice bowl with only half an eel would cost around $24 at a restaurant, before GST and service charges. His stall's bestseller is the Tonkatsu With Pork Suki Don ($7.50), packed with braised pork belly and a crisp katsu (pork cutlet) topped with tangy housemade nanban sauce – a mix of hard-boiled egg, onion, mayonnaise, Japanese vinegar and a touch of Sarawak black pepper. Sweetcorn and broccoli complete the bowl. The combination, while not strictly Japanese, is tailored for local diners who enjoy variety. Tonkatsu With Pork Suki Don at Jinggho Shokudo at Yishun Park Hawker Centre. ST PHOTO: TARYN NG Mr Kong is scouting for a third location, perhaps in a foodcourt, and hopes to scale up to five outlets. The father of a four-year-old boy says: 'I struck gold with this stall, so I want to keep it going.' Xin Japanese Cuisine Legendary: Reviving an old menu Where: Stall 4, 01-763 Kopihouse 1990, Block 211 New Upper Changi Road Open: 11am to 9pm daily At 21, Mr Ye Guo Wei got his first introduction to Japanese cuisine when working at a foodcourt stall owned by a former restaurant chef. Twenty years later, the 41-year-old is back – not as an employee, but as the owner of Xin Japanese Cuisine Legendary, a coffee-shop stall reviving the very menu that kick-started his interest in Japanese food. Stall owner of Xin Japanese Cuisine Legendary, Mr Ye Guo Wei. ST PHOTO: TARYN NG 'I always felt that the menu my ex-boss designed stood out in the mass market, and it was a pity he never opened another Japanese stall,' says Mr Ye, who launched his business in March 2025 in New Upper Changi Road. His former boss readily agreed when he asked to reprise items from the old menu. Mr Ye's culinary journey began at 18, working at a Taiwanese hotplate stall. Three years later, he was offered a job at the Japanese foodcourt stall where his mother worked as a cashier. He had frequently patronised the stall as a customer, drawn to its katsu rice bowl. There, the boss taught him how to prepare Japanese sauces – using mirin, cooking sake and Japanese shoyu – over the next six years, including how to marinate meats for yakiniku. After stints cooking Taiwanese, Korean and mala dishes at other stalls, Mr Ye eventually became head chef at a now-defunct izakaya in Khatib. There, he refined his skills further – handling sushi, sashimi, yakitori, grilled wagyu and oysters – before leaving in January 2025 to strike out on his own. Mr Ye enjoys cooking Japanese fare. ST PHOTO: TARYN NG At his stall, prices range from $5.50 for Kitsune Udon, which comes with Japanese fish cake, inari (beancurd skin), xiao bai cai and roasted seaweed; to $16.80 for Grilled Unagi Kabayaki, served with a whole slab of eel. He uses premium Japanese shoyu for his sauces, paying $60 for an 18-litre bottle. He says: 'There is a cheaper option at $42, but the taste is not as fragrant – it's saltier and lacks complexity.' The crowd-pleaser is the Pepper Pork Sukiyaki Set ($6.80), tender pork slices in a sauce made with grated onion, garlic and shoyu, served with miso soup, cold tofu and shredded cabbage salad topped with his housemade Thousand Island-style dressing. Black Pepper Pork Sukiyaki Set from Xin Japanese Cuisine Legendary. ST PHOTO: TARYN NG He also offers a Soft Shell Crab Bowl ($6.50), made with his own blend of tempura batter. Soft Shell Crab Rice Bowl at Xin Japanese Cuisine Legendary. ST PHOTO: TARYN NG A popular option is Scrambled Egg Tonkatsu Curry Rice ($7). His curry is 'more savoury than sweet', which he says better suits local tastes. Scrambled Egg Tonkatsu Curry Rice at Xin Japanese Cuisine Legendary. ST PHOTO: TARYN NG With long hours, no fixed days off and slim margins, Mr Ye, who is married with no children, says his goal keeps him going. 'I want to let more people try my version of Japanese food.' Haru-Haru: Quest for quality Where: 01-79 Shifu Food Court, Bras Basah Complex, 231 Bain Street Open: 11am to 9.30pm daily Tel: 8511-3487 Family kept Osaka-born Yuki Haruyama here after he left his last job as head chef at an izakaya due to management changes. He decided to remain in Singapore for the sake of his Malaysia-born wife and their four-year-old son, as she prefers life here. In October 2024, the 37-year-old set up his own foodcourt stall at a foodcourt in Bras Basah Complex and is now applying to be a Singapore permanent resident. Japanese chef Haruyama Yuki at his stall, Haru-Haru. ST PHOTO: MARK CHEONG He attracts hordes of young diners with his signature Mentai Pork Katsu Curry ($10.90), which features US pork loin coated in nama panko (fresh breadcrumbs), deep-fried to order and topped with house-blended mentaiko mayonnaise. No detail is overlooked. The curry, savoury and flavoursome, comes with the signature fukujinzuke (red pickled radish). Mentai Pork Katsu Curry at Haru-Haru. ST PHOTO: MARK CHEONG 'Many places use more mayo than mentaiko, but I balance both. You can taste the roe,' he says. Before moving to Singapore in 2016, Mr Haruyama, who is a bassist with a music diploma, trained across casual dining spots and izakayas in Osaka. A part-time job at a yakiniku joint led him to seek a more stable career in F&B. Assisted by two part-timers, he prepares the food himself, using quality ingredients such as Japanese rice from Akita prefecture and large tiger prawns. For his tonkatsu, he uses US pork that costs $17 a kilogram – more than double the price of Brazilian pork. 'I want to present high-quality Japanese food even though it is in a foodcourt,' he says. Other favourites include the Mentai Ebi Fry Don ($12.90) and Mentai Chicken Karaage Don ($7.90), both made to order using premium ingredients. Mentai Ebi Fry Don at Haru-Haru. ST PHOTO: MARK CHEONG 'It is more challenging running a foodcourt stall as customers have higher expectations when it comes to getting value for their money,' he says. 'I am giving customers restaurant-quality food.' Menya Horikawa: Mazesoba in a hawker centre Where: 01-40 Woodleigh Village Hawker Centre, 202C Woodleigh Link Open: 11.30am to 8.30pm daily Mr Rick Tan runs hawker stall Menya Horikawa, which specialises in mazesoba. ST PHOTO: ARIFFIN JAMAR When Mr Rick Tan's egglet and waffle hawker stall did not perform as well as he had hoped, he hatched a new plan. He pivoted to selling mazesoba (Japanese dry ramen) nine months later in May 2025. The 29-year-old, who runs his stall at Woodleigh Village Hawker Centre, says: 'There's stronger demand for staples over snacks here. Noodles are more viable in a hawker setting.' He chose mazesoba – a dish he enjoys – as it is still relatively niche in Singapore's hawker scene. He says: 'Bak chor mee is my favourite food, but competition is too strong. Mazesoba is similar but Japanese, and Singaporeans love Japanese food.' Not having any formal culinary training did not deter the Singapore Polytechnic graduate in business information technology, who has a side hustle in website design and marketing services. He found Japanese restaurant chef Koichi Horikawa, who is from Tokyo and working in Singapore. He was willing to teach Mr Tan to cook mazesoba. From February to April 2025 , Mr Tan trained for two hours daily at Horikawa's restaurant. Mr Tan named his stall Menya Horikawa to pay tribute to the chef and strictly follows his advice, using only Japanese ingredients. For instance, he opts for Japanese sesame oil at $26 for 1.5 litres – versus local brands at $7 for 1 litre – for its superior aroma and flavour. He uses tsukemen noodles, which remain springy after boiling, though they take five minutes to cook and cost almost $1 a portion. 'Some customers lack the patience to wait, but I choose quality over convenience,' he says. Mr Rick Tan uses premium ingredients such as sesame oil from Japan to prepare his seasoning. ST PHOTO: ARIFFIN JAMAR Ingredients make up 40 per cent of operating expenses, yet he keeps prices competitive, aiming to recover costs through volume. Dishes start at $6.90 for a regular Original Mazesoba, comprising noodles with minced pork, spring onion, nori, onsen egg; and go up to $10.90 for a large order of Spicy Seafood Mazesoba with prawns, crab sticks and Japanese fish powder seasoning. Spicy Seafood Mazesoba at Menya Horikawa at Woodleigh Village Hawker Centre. ST PHOTO: ARIFFIN JAMAR For spice lovers, he makes a house-blend chilli with chilli padi, miso, black pepper, shoyu and sesame oil, topped with ichimi (Japanese chilli powder). The Spicy Mazesoba ($7.90) is a top seller, featuring spicy minced pork, nori, spring onion and onsen egg. His advice: 'Mix well before digging in.'
CNA
2 hours ago
- CNA
Vietnam Q2 GDP growth quickens on strong exports, US trade deal brightens outlook
HANOI: Vietnam's economy grew at a faster pace in the second quarter of this year led by strong exports, in an encouraging sign just days after US President Donald Trump said he would place lower-than-threatened 20 per cent tariffs on many Vietnamese products. Concerns over the Southeast Asian manufacturing hub's outlook had been growing in the run up to the trade deal announced on Wednesday (Jul 2), particularly as the United States is Vietnam's biggest export market. Gross domestic product growth in the April to June quarter accelerated to 7.96 per cent year-on-year, from the 6.93 per cent in the first quarter, government data showed on Saturday. It was just short of Hanoi's full-year growth target of at least 8 per cent. "Economic performance in the first half of this year was positive and close to our target amid global and regional economic uncertainties," the National Statistics Office (NSO) said. Exports were a bright spot in the last quarter, rising 18.0 per cent to US$116.93 billion from a year earlier, while imports were up 18.8 per cent at US$112.52 billion, translating into a trade surplus of US$4.41 billion, the NSO data showed. Industrial production in the period rose 10.3 per cent, while June consumer prices rose 3.57 per cent. Trump announced on Wednesday the United States and Vietnam reached a trade deal, under which Vietnamese goods would face a 20 per cent tariff, with trans-shipments from third countries through Vietnam also facing a 40 per cent levy. Vietnam could import US products with a zero percent tariff. The tariff rates were lower than an initial 46 per cent rate threatened by Trump in April. Vietnam hailed the deal as a boost for business and said negotiators were working to finalise details, as business groups awaited clarity on the finer points to assess the impact of the new tariffs. The United States is the largest export market for Vietnam, a regional manufacturing hub housing several multinational companies such as Samsung Electronics and Foxconn. The United States recorded a trade deficit of US$123 billion with Vietnam last year, one of its highest globally. Vietnam is also home to several Chinese companies, which analysts said are likely the main targets for the 40 per cent tariff on trans-shipments. China is Vietnam's largest two-way trading partner on which it relies heavily for components and materials for its manufacturing industries. Fitch Solutions said in a note on Friday that Vietnam's exports and investment will remain strong for the rest of the year and signalled upside risks for its 2025 GDP growth forecast of 6.4 per cent. "With the new 20 per cent tariff, we think the government will speed up industrial upgrading and shift exports from low-margin goods to higher value-added products such as semiconductors," it said in a note. Dominic Scriven, founder and chairman of investment firm Dragon Capital, said the trade deal is "net-positive" and the potential GDP hit is less severe than feared. "With external trade risk now moderating, attention can return to the country's core growth engine, the domestic and private sector economy," he said.
