Trump unveils first wave of steeper US tariffs, extends deadline

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US President Donald Trump on Monday unveiled high taxes for Japan, South Korea and a dozen other countries for new trade deals, but extended the deadline for the start of Steper Levies by August.

Trump has issued a similar letter to countries, including Indonesia, Bangladesh, Thailand, South Africa and Malaysia, saying that they will slap their products from 25 % to 40 %.

Earlier, the President took a step from 10 % levy imposed on almost all trade partners.

But the early date of August 1 is delayed in Trump’s high duties, actually on Wednesday.

In close words to the Japanese and South Korean leaders, Trump said his trade relations with Washington were “unfortunately away from mutual relations after a 25 percent increase in US tariffs.”

If they took retaliation against the levies, they warned of further increase.

But the President said that if the partners changed their trade policies, they are ready to lower the new level: “We will probably consider adjustment in this letter.”

Japanese Prime Minister Shigro Ashiba said Sunday that he would “not easily compromise” in a trade conversation with Washington.

Trump actually announced sweeping rates on the global economies when he called “Liberation Day” on April 2, and claimed that the United States was “teased.”

During the uproar in the market, it suspended the highest duties affecting dozens of economies for 90 days, which is a deadline that ends on Wednesday.

On Monday, Trump formally extended an order on Wednesday, and adjourned it till August 1.

With delay, White House press secretary Crown Levyt noted that Trump will set a “mutual rate” for partners in the coming month when the talks are underway.

According to the regions published by Trump’s truth social platform, Indonesia’s products will face 32 % tariff, while Bangladesh level is 35 % and Thailand, 36 %.

In April, most of the countries received the duties of the countries have changed with similar or changing prices, though they see some lower levels, especially the lower levels like Laos and Cambodia.

Although the Trump administration had indicated hopes of killing dozens of deals by July, so far it has had limited results.

Washington has only unveiled contracts with the UK and Vietnam, while the United States and China have agreed to temporarily lower tariff levels on each other’s products, which had previously reached three digits.

Change their lyrics

When asked why Trump chose to start with South Korea?

“The announcement will send a cool message to others,” Wendy Cutler, Vice President of the Asia Society’s Policy Institute, referring to Trump’s preliminary letters to Tokyo and Seoul. “

“Both have been close partners on economic security issues,” he said, adding that Japan and South Korean companies have invested significant investment in the United States in recent years. “

US Treasury Secretary Scott Basant said Monday that more deals will come out: “We are going to make several announcements in the next 48 hours.”

“Many people have changed their lyrics in terms of negotiations. So my mailbox was filled with a lot of new offerings last night,” Basant told CNBC.

He added that he would meet his Chinese counterpart in the coming weeks.

Both sides have held high levels in Geneva and London so far. But Washington and Beijing’s high titled tariffs are due to end in mid -August.

The major US stock index fell from a record on Monday over Trump’s latest threats. Nes Deck lost 0.9 % and S&P 500 lost 0.8 %.

Trump has also threatened 10 % tariffs on countries that alleviate himself with the emerging BRICS countries, accusing him of “anti -American policies” when he criticized his duties at a summit.

But partners are still fleeing to completely avoided Trump’s prices.

The European Commission said EU chief Ursola Van Dare Lean had a “good exchange” on trade with Trump when the pair spoke on Sunday.