New US Tariffs Set for August as Trump Penalises 14 Countries
President Donald Trump has delayed his so-called “Liberation Day” tariff proposals on U.S. imports, with the original 90-day postponement set to expire on July 9th, and has instead sent letters to 14 countries, detailing new tariffs set to take effect on August 1st.
The controversial tariffs, initially delayed amid hopes of securing new trade deals, will now target countries such as Japan, South Korea, Thailand, Malaysia, and several others, with rates varying from 25% to as high as 40%.
The full list of affected countries includes Japan (25%), South Korea (25%), Thailand (36%), Malaysia (25%), Bangladesh (35%), Bosnia (30%), Cambodia (36%), Indonesia (32%), Kazakhstan (25%), Laos (40%), Myanmar (40%), Serbia (35%), South Africa (30%), and Tunisia (25%).
While discussing the new tariffs, Trump emphasised flexibility, stating that the August 1st deadline was “firm, but not 100% firm,” leaving room for potential adjustments if countries initiate new negotiations.
The President also noted that these tariffs could be modified upwards or downward depending on the state of relations with each affected country.
The United Kingdom, having negotiated a new trade agreement with the US in May, remains unaffected by the new tariffs. The European Union has also avoided the proposed 20% “Liberation Day” duty thus far, as trade talks with the US are in progress.
As the rates evolve, it seems the story is far from over, and further changes to US trade policy could be on the horizon. Should you require any further information, then please do not hesitate to contact the team at Atlantic Pacific.
