Trump announces up to 40% tariffs on 7 nations, set to take effect August 1

White House warns astir tariff rotation retired

White House warns tariffs could travel successful aboriginal August arsenic Trump's 90-day intermission nears end 03:42

President Trump connected Monday said the U.S volition enforce 25% tariffs connected goods from South Korea and Japan by August 1, portion the U.S. besides threatened to deed 5 different nations with import duties of up to 40% by adjacent month. 

Mr. Trump posted two astir identical letters, addressed to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung, connected his Truth Social media level outlining the caller tariffs. A 90-day frost connected country-specific U.S. tariffs connected dozens of nations, including Japan and South Korea, is scheduled to expire connected July 9.

Mr. Trump connected Monday day besides announced abstracted tariffs connected an further 5 commercialized partners. Myanmar and Laos some look a 40% tariff rate; South Africa imports volition beryllium taxable to 30% duties; and goods from some Malaysia and Kazakhstan volition beryllium taxed astatine 25%, Mr. Trump said successful letters posted connected Truth Social. Those tariffs are scheduled to footwear successful August 1 arsenic well. 

White House property caput Karoline Leavitt said during a property briefing Monday that Mr. Trump is acceptable to motion an enforcement bid extending the July 9 tariff freeze. The bid delays the deadline to "August 1 truthful the reciprocal tariff rate, oregon these caller rates that volition beryllium provided successful this correspondence to these overseas leaders, volition beryllium going retired the doorway wrong the adjacent month," Leavitt said.

Leavitt added that Mr. Trump plans to nonstop tariff letters to "approximately 12 different countries" informing them of caller U.S. levies connected their goods. She did not bespeak erstwhile the notices volition beryllium sent out, but said Mr. Trump volition station them connected Truth Social "so you tin bask them yourself."

Trump is besides expected to denote much deals with U.S. commercialized partners earlier the opening of August, she said.

Mr. Trump said successful each memo that the missive "demonstrates the spot and committedness of our Trading Relationship," and that "we invitation you to enactment successful the bonzer Economy of the United States."

The 25% levies use to "any and each Japanese products sent into the United States, abstracted from each Sectoral Tariffs," Mr. Trump added successful his missive to Japan's Ishiba. He besides warned that if either South Korea oregon Japan raises tariffs connected the U.S., the Trump medication volition reciprocate by adding that fig to the 25% baseline rate. 

The 25% tariff is successful enactment with the alleged "reciprocal" rates Mr. Trump said South Korea and Japan would each look erstwhile helium unveiled country-specific duties connected April 2. At the time, the Trump medication said it would enforce tariffs of 24% and 25% connected imports from Japan and South Korea, respectively. 

Trade argumentation adept Barry Appleton, co-director of the Center for International Law astatine New York Law School, told CBS MoneyWatch that Monday's announcements "are simply indications that helium is making them wage afloat admittance terms to entree the U.S. market."

"At 25%, it is possible, but challenging, to commercialized with Japan and Korea. This complaint was cautiously acceptable astatine the higher broadside of the spectrum. In essence commercialized with the U.S. present is simply a wage to play proposition for Japan, Korea and apt others to come," helium said. 

Appleton added that the country-specific rates announced Monday bash not bode good for different nations looking to onslaught deals with the U.S., including EU countries, Canada and Switzerland.

Economists pass that wide-ranging U.S. tariffs connected trading partners could spark different bout of ostentation and hinder economical growth, portion planetary fiscal markets person heaved astatine the imaginable of importantly higher trading costs. 

Trump medication officials person said stiff U.S. tariffs tin guarantee just planetary commercialized portion besides boosting the American manufacturing sector.