Trump hits Japan, South Korea with 25 per cent tariffs as trade war escalates, markets react, countries await
US President Donald Trump said that the US will apply a 25 percent tariff for imports from Japan and South Korea as of August 1st, because there will be a wave of letter to the trade partners that summarize the new taxes they encounter.
Trump also announced that the US will give 25 percent to Malaysia and Kazakhstan, 30 percent in South Africa and 40 percent to Laos and Myanmar.
Trump, the reality on the social platform published in the letters to the leaders of South Korea and Japan, “If you decide to raise your tariffs for any reason, no matter what the number you choose to raise them, the fee will be added to 25 percent,” he said.
The ratio of South Korea is one point higher than Trump was initially announced on April 2, and Japan’s rate was first announced.
A week later, Mr. Trump closed the so -called mutual tariffs until 10 percent until July 9th to allow negotiations.
The Japanese or South Korean embassies did not respond immediately.
Only two agreements have been reached with England and Vietnam so far.
The US fell in response to stocks, and released a global trade war because Mr. Trump returned to office in January.
On Monday, the S&P 500, the largest decline in three weeks fell by about 1.0 percent.
His movements have repeatedly revealed financial markets and confused policy makers to protect their economies.
Japanese automotive companies’ shares listed in the US, Toyota engine fell by 4.1 percent in the afternoon and decreased by 3.8 percent Honda engine.
US Treasury Secretary Scott Bessent added that he expects to make various trade announcements within the next 48 hours in the early hours on Monday, and that his incoming box was full of last trench offers from countries to make a tariff agreement before 9 July.
Countries tried to make agreements before the deadline of Wednesday.
South Korea and Indonesia sent representatives to Washington, while Thailand offered a new trade offer to many US goods.
Mr. Besent did not say which countries could get an agreement and what they could contain.
Mr Trump estimated the outcome of negotiations with countries that hope to avoid the heavy tariff increases threatened by most of the world.
“We changed the melodies of many people in terms of negotiations. So my mailbox was full of new offers, many new offers,” he said in an interview with CNBC.
EU resources familiar to Reuters on Monday will not receive a letter that sets higher tariffs.
A commission spokesman, the European Union, the President of the European Commission Ursula von Der Leyen and Mr. Trump’ın “a good change” after 9 July, he said he still aims to reach a trade agreement.
However, it was not immediately clear whether there was a significant breakthrough in negotiations to eliminate the tariff increases in the largest trade partner of the United States.
In addition to the pressure, Trump threatened to apply 17 percent of EU food and agriculture exports last week.
While trying to negotiate a better result, the EU was torn as a quick and light trading agreement or whether it would withdraw its own economic influence.
He had left hopes for a comprehensive trade agreement before the deadline for July.
“We want to reach an agreement with the US that we want to avoid tariffs.” He said.
“We want to get the results of the Lose, not to lose the results, but to achieve winning results.”
Without a preliminary agreement, in most imports, wide US tariffs will increase from 10 percent to 2 April to the rates determined by Mr. Trump.
In the case of the EU, this would be 20 percent.
Germany, von der Lenin said he met with leaders of Germany, France and Italy at the weekend.
