Some tariffs mirrored those proposed in April, while others slightly changed
President Donald Trump imposed new tariffs on 14 countries yesterday, with rates ranging from 25% to 40%, and warned that they could change at any time unless a deal is reached.
He posted letters on Truth Social, starting with Japan and South Korea (both hit with 25% levies).
Yesterday, the White House also announced that the president has decided to extend the deadline for new tariffs on countries with whom the US is yet to make a deal to August 1, as opposed to tomorrow, when the pause on levies would have ended.
Some of the import taxes mirrored those proposed in April, while others slightly changed. Other countries include Myanmar and Laos (40%), Thailand and Cambodia (36%), and Bangladesh and Serbia (35%).
Trump warned that retaliatory tariffs would be matched and added to the current rates.
Markets responded with volatility: the S&P 500 fell 0.8%, while the small-cap Russell 2000, more exposed to tariff impacts, dropped 1.6%.