Trump imposes heavy tariffs on seven countries starting in August
US President Donald Trump announced a new round of tariffs, effective August 1, targeting imports from seven countries in a move he described as a “trade rebalancing” and protecting the national economy from what he called “unfair practices”.
The measures include a 25% tariff on imports from Japan, South Korea, Malaysia, and Kazakhstan, a 30% tariff on South Africa, and a 40% tariff on each of Laos and Myanmar.
Regarding Vietnam, Trump announced a new trade agreement that includes a 20% tariff on direct imports and a 40% tariff on goods re-exported through the country, in exchange for exempting US products from tariffs within the Vietnamese market.
Trump warned of imposing additional 25% tariffs on Japan and South Korea if they resort to retaliatory measures, stressing that the goal of this policy is to support domestic industries and boost jobs in the United States.
In a statement issued by the White House, it was announced that the implementation of these tariffs will be postponed from July 9 to August 1, based on an executive order that Trump will sign to give additional time for ongoing trade negotiations.
This announcement negatively impacted US financial markets, with the Dow Jones Index falling 1%, amid growing fears of a new trade confrontation that could disrupt global supply chains.
