President Trump has issued a warning about increased tariff rates that will affect countries exporting goods to the U.S., suggesting that these changes necessitate a reevaluation of U.S. trade policies.
On April 2, Trump announced a set of “mutual” tariffs involving numerous countries, aimed at calculating tariff rates based on trade deficits. However, following a negative market response just a week later, he reduced these tariffs to 10% for a 90-day period, allowing time for negotiations.
With the 90-day period nearing its end this Wednesday, Trump is reaching out to notify the affected countries of the new “mutual” tariff rates, which will come into effect on August 1.
The White House managed to negotiate some agreements during the temporary suspension, including a deal with the UK and progress in discussions with China and Vietnam.
Trump has sent mixed messages regarding potential adjustments for other nations before the August 1 deadline, but the White House plans to issue several letters this week outlining the tariff rates.
Here are the countries that have received letters so far along with their respective tariff rates effective August 1:
Japan: 25%
South Korea: 25%
South Africa: 30%
Kazakhstan: 25%
Laos: 40%
Malaysia: 25%
Myanmar: 40%
Tunisia: 25%
Bosnia and Herzegovina: 30%
Indonesia: 32%
Bangladesh: 35%
Serbia: 35%
Cambodia: 36%
Thailand: 36%
Libya: 30%
Iraq: 30%
Algeria: 30%
Moldova: 25%
Brunei: 25%
Philippines: 20%
Sri Lanka: 30%
Brazil: 50%
Canada: 35%
Mexico: 30%
European Union: 30%
Updated at 9:39 am on July 12
