New US tariff rates to kick in Aug 1 barring trade deals: Treasury Secretary
The rates will "boomerang back" to the sometimes very high levels, which President Donald Trump announced on April 2, before he suspended the levies to allow for trade talks and set a July 9 deadline for agreement, Bessent told CNN.
AFP
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
MTV Lebanon
43 minutes ago
- MTV Lebanon
Trump Says New Tariff Deadline ‘Not 100 Percent Firm'
US President Donald Trump reignited his trade war by threatening more than a dozen countries with higher tariffs Monday -- but then said he may be flexible on his new August deadline to reach deals. Trump sent letters to trading partners including key US allies Japan and South Korea, announcing that duties he had suspended in April would snap back even more steeply in three weeks. Tokyo and Seoul would be hit with 25 percent tariffs on their goods, he wrote. Countries including Indonesia, Bangladesh, Thailand, South Africa and Malaysia were slapped with duties ranging from 25 percent to 40 percent. But in a move that will cause fresh uncertainty in a global economy already unsettled by his tariffs, the 79-year-old once again left the countries room to negotiate a deal. "I would say firm, but not 100 percent firm," Trump told reporters at a dinner with visiting Israeli Prime Minister Benjamin Netanyahu when asked if August 1 deadline was firm. Pressed on whether the letters were his final offer, Trump replied: "I would say final -- but if they call with a different offer, and I like it, then we'll do it." The US president had unveiled sweeping tariffs on imports on what he called "Liberation Day" on April 2, including a baseline 10 percent tariff on all countries. But he quickly suspended all tariffs above 10 percent for 90 days following turmoil in the markets. They were due to kick back in on Wednesday and Trump sent the letters in advance of that deadline. Trump's near-identically worded letters to Japanese and South Korean leaders said he would impose 25 percent tariffs as their trading relationships with Washington were "unfortunately, far from Reciprocal." He warned of further escalation if there was retaliation against the levies. But Trump on Monday also signed an order formally extending the Wednesday deadline, postponing it to August 1. The new August date effectively marks a further delay -- and Trump's latest comments threaten to compound the uncertainty over when the deadline really is. According to letters posted to Trump's Truth Social platform, products from Indonesia will face a 32 percent tariff, while the level for Bangladesh is 35 percent and Thailand, 36 percent. Most countries receiving letters so far had duties similar or unchanged from rates threatened in April, although some like Laos and Cambodia saw notably lower levels. The Trump administration is under pressure to show results after promising "90 deals in 90 days." So far only two firm deals have emerged, with Britain and Vietnam, plus an agreement to dial back super-high tit-for-tat tariffs with China. Japan's Prime Minister Shigeru Ishiba said at a cabinet meeting Monday that the announcement of the 25 percent tariffs is "genuinely regrettable," local media reported. South Korea's National Security Adviser Wi Sung-lac meanwhile met with his US counterpart Marco Rubio in Washington, expressing hope that a bilateral summit could soon be held to achieve "mutually beneficial outcomes across key pending issues." Asked why Trump opted to start with Japan and South Korea, White House Press Secretary Karoline Leavitt said: "It's the president's prerogative, and those are the countries he chose." Asia Society Policy Institute Vice President Wendy Cutler said the announcement "will send a chilling message to others," referring to Trump's initial letters to Tokyo and Seoul. "Both have been close partners on economic security matters," she said, adding that companies from Japan and South Korea have made "significant manufacturing investments in the US in recent years." US Treasury Secretary Scott Bessent said Monday that there would be more deals coming up: "We are going to have several announcements in the next 48 hours." Major US stock indexes fell from records Monday on Trump's fresh threats. The Nasdaq tumbled 0.9 percent and the S&P 500 lost 0.8 percent. Trump has also threatened an extra 10 percent tariff on countries aligning themselves with the emerging BRICS nations, accusing them of "Anti-American policies" after they slammed his duties at a summit. But partners are still rushing to avert Trump's tariffs altogether. The European Commission said EU chief Ursula von der Leyen had a "good exchange" with Trump on trade when the pair spoke Sunday.
Cedar News
3 hours ago
- Cedar News
New Jersey Coast Guard Hero Rescues 165 in Deadly Texas Floods
A 26-year-old U.S. Coast Guard swimmer from New Jersey is being hailed a national hero after rescuing at least 165 people during the catastrophic floods that struck central Texas over the Fourth of July weekend. Petty Officer Scott Ruskan, on his first-ever rescue mission, was the only triage coordinator on the ground as floodwaters ravaged Camp Mystic, a girls' Christian camp along the Guadalupe River. With roads and bridges washed out, airlift was the only option to save the stranded campers. 'We heard there were about 200 campers there and they were in need of airlift,' Ruskan told CNN. 'Bridges were gone, roadways were gone, and the water was coming up too high for boat rescue.' Launching from Coast Guard Air Station Corpus Christi, Ruskan and his team braved turbulent weather and flying conditions to reach the scene. Once on the ground, he began organizing triage efforts and personally helped evacuate 165 children using Army Black Hawk helicopters. 'It was overwhelming,' he said during a Monday appearance on Good Morning America. 'But I just happened to be on the duty crew. I was doing my job.' Despite his humility, the nation is taking notice. U.S. Secretary of Homeland Security Kristi Noem praised Ruskan's bravery in a viral social media post, writing: 'Scott Ruskan is an American hero. His selfless courage embodies the spirit and mission of the @USCG.' As of Monday night, the post had been viewed over 4 million times. The floods, which followed days of relentless rain, have killed over 100 people across Texas. At least 27 campers and counselors from Camp Mystic are confirmed dead, and 41 more remain missing, according to Governor Greg Abbott. The White House announced that President Donald Trump is expected to visit Texas on Friday to meet with affected families and assess the damage. White House Press Secretary Karoline Leavitt said the administration is 'praying for the victims' families' and pledged continued federal support. 'This is a tragedy of unimaginable scale,' Secretary Noem said. 'But thanks to heroes like Scott Ruskan, many lives were saved.'
LBCI
8 hours ago
- LBCI
US revokes foreign terrorist designation for Syria's HTS
President Donald Trump's administration has revoked the foreign terrorist organization designation for al-Nusrah Front, also known as Hay'at Tahrir al-Sham, according to a State Department memo filed on Monday, a major step as Washington moves to ease sanctions on Syria. The June 23 memo was signed by U.S. Secretary of State Marco Rubio and was published in a preview of the Federal Register prior to its official publication on Tuesday. The move comes a week after Trump signed an executive order terminating a U.S. sanctions program on Syria to help end the country's isolation from the international financial system and build on Washington's pledge to help it rebuild after a devastating civil war. Reuters
