US "punishes" 14 countries with tariffs - The list includes allied countries such as Japan and South Korea
US President Donald Trump announced new tariffs of up to 40% on imports from 14 countries. He warned that any retaliatory measures from these countries would face additional tariffs and left open the possibility of negotiations.
United States President Donald Trump escalated his trade war, telling 14 nations that they now face much higher tariffs starting August 1.
The imposition of a 25% tax on US importers of all goods rattled Wall Street, with the S&P 500 Index falling sharply. In letters to 14 countries, Trump hinted at the possibility of additional negotiations, although he warned that retaliatory measures would be met with a similar response.
"If, for any reason, you decide to increase your tariffs, then, to that number will be added the 25% that we apply," Trump told Japan and South Korea in letters published on the Truth Social platform.
The higher tariffs take effect from August 1 and will not be combined with previously announced sectoral measures, such as those on automobiles, steel and aluminum.
Countries have been under pressure to conclude deals with the US after Trump launched a global trade war in April that roiled financial markets.
It is unfortunate that Trump is raising tariffs on imports from Japan and South Korea, two of the US's closest allies, but there is still time for progress in negotiations, a former US trade negotiator has said.
The United States will also impose tariffs of 25% on goods from Tunisia, Malaysia and Kazakhstan, 30% on South Africa and Bosnia and Herzegovina, rising to 32% on Indonesia, 35% on Serbia and Bangladesh, 36% on Cambodia and Thailand, and 40% on Laos and Myanmar. Trump added that he was close to reaching a deal with India.
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