Credit: CFP
TMTPOST -- Countries including South Korea, Japan, and South Africa have issued responses following U.S. President Donald Trump’s announcement to impose increased tariffs on imports from multiple nations starting August 1.
Trump announced a 25% tariff on imports from Japan and South Korea, intensifying pressure on key allies to negotiate trade agreements with the U.S. He also disclosed tariff rates for other countries and extended the postponement of higher tariffs on dozens of nations until August 1, according to the New York Times.
In nearly identical letters sent to South Korea’s president and Japan’s prime minister, Trump said that their exports would face a 25% tax beginning next month, emphasizing the need for “more balanced, and fair, TRADE.” He added, “Please understand that the 25 percent number is far less than what is needed to eliminate the trade deficit disparity we have with your country,” the New York Times reported.
Shortly thereafter, Trump posted additional letters on social media outlining tariff rates for other countries: 40% for Myanmar and Laos, 30% for South Africa, and 25% for Malaysia. Further tariffs were announced for Thailand, Bangladesh, Indonesia, and others.
South Korea’s Industry Ministry described the letter as an effective extension of the U.S. grace period on reciprocal tariffs, Reuters reported. “We will step up negotiations during the remaining period to reach a mutually beneficial result to quickly resolve the uncertainties from tariffs,” the ministry said.
Japan’s government announced plans to convene a task force meeting following the tariff letter, with Prime Minister Ishiba Shigeru attending, NHK reported. A senior official described the letter as an extension of the pause on reciprocal tariffs, which was set to expire shortly. The government expressed optimism about continued negotiations with the U.S., aiming for a comprehensive deal including auto tariffs.
South African President Cyril Ramaphosa criticized the 30% tariff as unjustified, noting that 77% of U.S. goods enter South Africa duty-free. Ramaphosa’s spokesperson confirmed ongoing engagement with the U.S., according to Reuters.
The tariff announcements unsettled markets: U.S. stocks declined sharply on Monday, with the Dow dropping 422 points (0.94%), the S&P 500 falling 0.79%, and the Nasdaq Composite down 0.92%, marking their worst day in roughly three weeks. Asian markets opened flat on Tuesday, CNN reported
Economists warned that extending the July deadline prolongs uncertainty affecting businesses and consumers. The frequent policy shifts have caused many companies to delay hiring and investment decisions, the New York Times noted.
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