Markets recoil on Trump’s latest tariff moves in Asia
Washington – President Trump’s decision Hiking tariffs once again In some of America’s largest trade partners Markets shaken on MondayIn Wall Street, he hopes that as the White House promised, it will cut important trade agreements to the middle of this week.
In a series of letters sent to foreign leaders and immediately Posted by the President According to the social media platform, Trump said the new rates are the cost of doing business with the “extraordinary economy of the United States, the world’s number one market”. According to the new policy, Japan, South Korea, Malaysia and Kazakhstan will face 25% imports from August 1, while goods from Laos and Myanmar will face 40% tariff.
The President of the South Africa also received a letter and said that goods from the country imported to the United States will face 30%duties.
The markets have returned in the news, the Dow Jones industrial an average decreases 1.4%, NASDAQ 1.2%fell 1.2%of Standard & Poor’s 500%.
The movement said that they first announced the US tariff rates in these countries for the first time about what it calls the Day of Independence on April 2, but ultimately abandoned the bond market to the common Wall Street panic.
Trump paused in the crisis by explaining the 90 -day suspension of higher tariff rates, a period that would end on Wednesday. However, the White House Press Secretary Karoline Leavitt said on Monday, Trump will extend until the end of the month, he said.
Some senior officials under the Trump administration promised to follow the April section – ”We will make 90 agreements in 90 daysPeter Peter Navarro, the President of the President’s top -level trade consultant. Nevertheless, the administration could not provide a single detailed trade agreement, instead announced the three understanding framework with England, China and Vietnam.
“The president has been adopting a very deliberate approach to correct these mistakes for decades, for decades, for decades, for decades, I think the president has been praised for this time and the effort he has entered.”
“A framework with China, a trade agreement with England, a trade agreement with Vietnam and others in just six months, it is really history and a proof of the President and the trade team,” he added.
In his letters to foreign leaders, Trump warned that his governments’ efforts to retaliate will be covered by rise.
“If you decide to raise your tariffs for any reason, regardless of the number you choose to raise them, it will be added to 25% we charge,” he wrote.
Leavitt said more letters will be sent in the coming days. He also stated that additional trade agreements can be announced soon. “We are close,” he said.
Treasury Secretary Scott Bessent’s box from an interview to CNBC “Full of many new offers last night”For trade agreements before the deadline on Wednesday.
“We have changed the melodies of many people in terms of negotiations,” Bessens said. “So there will be a few days.”
The stock market response to Trump’s Kurtuluş Day tariffs, which increased the rates in countries around the world, was a historical way to give trillion dollars value with 12% bleeding in just four days.
The markets recovered in weeks after Trump reversed and broke a record on July 3.
