Trump’s New Tariff Plans Target 14 Nations, Flexibility Remains
President Donald Trump has postponed his “Liberation Day” tariff plans on US imports, with the original 90-day delay set to end on July 9th. In its place, Trump has sent letters to 14 countries announcing new tariffs that will begin on August 1st.
The controversial tariffs, initially delayed in hopes of securing new trade deals, will now apply to countries like Japan, South Korea, Thailand, Malaysia, and others, with rates ranging from 25% to 40%.
The full list of impacted nations includes Japan (25%), South Korea (25%), Thailand (36%), Malaysia (25%), Bangladesh (35%), Bosnia (30%), Cambodia (36%), Indonesia (32%), Kazakhstan (25%), Laos (40%), Myanmar (40%), Serbia (35%), South Africa (30%), and Tunisia (25%).
In his remarks, Trump emphasised that while the August 1st deadline is “firm,” there is still some flexibility for changes if countries engage in new negotiations. He also indicated that tariff rates could be adjusted based on the evolving relationship with each country.
The United Kingdom, which reached a new trade agreement with the US in May, is unaffected by these new tariffs. Similarly, the European Union has avoided the proposed 20% “Liberation Day” tariff thanks to entering ongoing trade discussions with the US.
As the situation continues to unfold, further changes to US trade policy seem likely. For further information, please contact the Killick Martin team.
