US President Donald Trump said on Tuesday he would officially extend until August 1 his declared deadline to impose “reciprocal” tariffs on dozens of economic partners, indicating that this time he really meant it.
The move keeps Trump’s negotiating leverage at a boil even as it imposes additional uncertainty on the global economy amid new fears of a trade war.
These notes, all but identically worded, would impose elevated tariffs of 25 per cent or more effective August 1 for major trading partners Japan and South Korea and for smaller economies like Laos and Cambodia, with more missives expected.
“In addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1,” Trump posted on his social media account. “No extensions will be granted.”
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Trump imposes 25% unilateral tariffs on Japan, South Korea amid slow negotiation progress
Trump imposes 25% unilateral tariffs on Japan, South Korea amid slow negotiation progress
Trump has also warned nations that any move to counter Washington would see their US duties increased by an identical amount.
