Trump world-tour of tariffs
(MENAFN) U.S. President Donald Trump has announced a fresh wave of tariffs targeting several countries, including major Asian allies Japan and South Korea.
On Monday, Trump shared nearly identical letters on his social media platform Truth Social, addressed to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung. In the letters, he declared a “tariff of only 25%” on all imports from these nations starting August 1, citing that economic relations with Tokyo and Seoul have “been, unfortunately, far from Reciprocal.”
“We have decided to move forward with you, but only with more balanced, and fair, TRADE,” Trump wrote. “We invite you to participate in the extraordinary Economy of the United States, the Number One Market in the World, by far.” He also warned that if Japan or South Korea respond with higher tariffs, the U.S. would increase its tariffs by the same margin.
In addition to these allies, Trump imposed 25% tariffs on imports from Kazakhstan, Malaysia, and Tunisia. Other countries face steeper rates: South Africa and Bosnia and Herzegovina at 30%, Indonesia at 32%, Serbia and Bangladesh at 35%, Thailand and Cambodia at 36%, and Vietnam, Laos, and Myanmar at 40%.
Trump has consistently argued that tariffs are necessary to correct unfair trade imbalances and prevent other countries from “ripping off” the U.S. However, critics contend these measures raise prices domestically and harm the economy. Many Democrats and economists have criticized the new tariffs as poorly designed.
This latest round follows the initial tariffs announced on April 2 in the so-called Liberation Day package, which introduced a 10% tariff on all imports alongside higher rates targeting China, Mexico, Canada, and the European Union. Some of those tariffs were temporarily suspended for 90 days to allow for negotiations and avoid a full trade war.
Earlier this month, Trump warned that more tariffs would be implemented if trade deals were not finalized. “By the ninth they’ll be fully covered,” he said, predicting tariffs ranging from as high as 60-70% down to 10-20%.
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