Asia could face a prolonged period of trade uncertainty after US President Donald Trump extended the deadline for imposing higher import tariffs to August 1.
Trump told trade partners on Monday that the new deadline was final, though he might grant further extensions if countries submitted acceptable proposals.
He also confirmed plans to impose a 25 per cent tariff on imports from Japan and South Korea in letters posted on his social media platform, warning: “If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25 per cent that we charge.”
The announcement comes as a 90‑day suspension of some of Washington’s most aggressive import duties is set to expire on Wednesday.
Trump first announced higher tariffs on US imports worldwide on April 2 – a date he has branded “Liberation Day” – citing the need to reset America’s trade imbalances. The measures were then suspended to allow time for negotiations, but the threat now appears to be returning in full force.
