US President Donald Trump unveiled a list of nations that would be subject to increased taxes on their exports to the US, signaling the start of a new round of tariffs.
As reported by Associated Press, US President Donald Trump clarified that the increased tariff rates were based on trade imbalances and "common sense." However, this was not in line with his letter to Brazil.
New Tariff Rates Announced by US
Below is a summary of the new tariff rates issued by the US to countries like Japan, Malaysia, and others:
| Country | Tariff Rate |
| Malaysia | 25% |
| Kazakhstan | 25% |
| Tunisia | 25% |
| South Africa | 30% |
| Laos | 40% |
| Myanmar | 40% |
| Indonesia | 32% |
| Bangladesh | 35% |
| Thailand | 36% |
| Cambodia | 36% |
| Bosnia and Herzegovina | 30% |
| Serbia | 35% |
| Japan | 25% |
| South Korea | 25% |
New Tariff Starts from August 1
Trump said on Monday that he had written to a number of countries warning that higher import taxes would be imposed if new trade agreements are not achieved by August 1.
The first letters were sent to two nations, South Korea and Japan. Twelve additional nations, including South Africa, Indonesia, Thailand, Cambodia, Malaysia, Bangladesh, Laos, Myanmar, Bosnia, Serbia, Kazakhstan, and Tunisia, received similar letters shortly after.
Trump’s Warning to these Nations
Trump cautioned these countries against imposing retaliatory tariffs in response. In the letters, he stated that the US would equal any rise in a country's tariffs by raising its own duties by the same amount.
Karoline Leavitt, the White House press secretary, said further letters would be dispatched to other nations in the days ahead.
The decision increases uncertainty for global markets, companies, and politicians, particularly because many are already coping with the consequences of soaring inflation, supply chain issues, and a faltering global economy.
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