TMTPOST -- U.S. President Donald Trump on Monday announced new tariffs on a slew of countries no matter they are seeking lower levies through negotiations with his administration or not.
Credit：China Central Television
Trump on social media posted letters to the leaders of Japan and South Korea, notifying new tariff rates on two Asian economies starting from next month. In his letters on Monday, Trump said the U.S. will charge these two countries a 25% tariff on all of their imports starting on August 1, separating from all existing sectoral tariffs, and goods transshipped to evade a higher tariff will be subject to that higher tariff.
The “transshipping” tariff means “if another country sells their content through products exported by Vietnam to us — they’ll get hit with a 40% tariff”, U.S. Commerce Secretary Howard Lutnick clarified last Wednesday, when Trump said he made a trade deal with Vietnam, impose 20% tariffs on all goods imported from Vietnam and 40% tariffs on “any Transshipping.”
Companies in Japan or South Korea will be exempted from the new tariffs if they decide to build or manufacture goods in the United States, Trump said in his letters posted on his social media Truth Social Monday. He warned that any counter-tariffs would trigger higher reciprocal tariffs from the U.S.
“If for any reason you decided to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25% that we charge,” Trump wrote. He stressed the upcoming tariffs are necessary as tariffs and other trade barriers leading to “unsustainable Trade Deficits against the United States ” became a major threat to U.S. economy and national security.
Following the posts, White House press secretary Karoline Leavitt stated Trump would inform approximately 12 countries with letters of their new tariff rates that U.S. is set to impose, and the remaining countries will also receive letters in the coming days and weeks.
Trump later Monday disclosed tariffs on 12 more countries in a series of social media posts. From his shared screenshots of from letters to the leaders of these countries, Trump dictated 25% tariffs on all the imports from Kazakhstan, Malaysia and Tunisia, 30% tariffs on imports from South Africa and Bosnia and Herzegovina, 32% tariffs on Indonesia, 35% tariffs on Bangladesh and Serbia, 36% tariffs on Thailand and Cambodia, 40% tariffs on Laos and Myanmar.
Trump in the letters issued similar threat that transshipping goods will be high hit with higher tariffs, and the aforementioned countries, if later decide to slap the U.S. with higher tariffs ,will face extra tariffs with the same level they will impose on top of the new tariff rates effective on August 1. And the president added companies in these countries will be granted exemptions if they decide to make products in the United States.
Trump recently has previewed letters would come out this week to notify countries of new tariffs following the 90-day pause on reciprocal tariffs announced on April 2, a date the president proclaimed “Liberation Day”.
Trump on Thursday said he prefers directly dictating flat tariff rates such as 20%, 25% or 30% for each country over complex negotiations. "We have more than 170 countries, and how many deals can you make? You can make more deals, but they’re very much more complicated," Trump told reporters. He anticipated to send letters to about 10 countries per day, starting as early as on July 4, Friday.
Trump on Friday said trading partners will receive tariff letters “over the next few days”. “They’ll range in value from maybe 60 or 70% tariffs to 10 and 20% tariffs,” said Trump. The top tier of that range, if formalized, would be higher than any tariffs the president initially outlined during his Liberation Day rollout. However, the first wave of new tariffs Trump disclosed on Monday are roughly in line with the tariffs unveiled on Liberation Day.
Tariff rates set to come into effect on August 1 on South Korea, South Africa, Indonesia and Thailand are the same as those announced on April 2. Tariffs on Japan and Malaysia will be a little bit higher than those announced on April 2, while imports from Kazakhstan, Tunisia, Bosnia and Herzegovina, Serbia, Bangladesh, Cambodia and Myanmar will face lower duties.
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