On Monday local time, U.S. President Donald Trump signed an executive order to extend the pause on "reciprocal tariffs" from July 9 to August 1.
In addition to the delay, U.S. Treasury Secretary Scott Bessent stated on July 6 that President Trump will send letters to trade partners this week to inform them of the tariff rates the U.S. plans to impose. For countries that fail to reach a trade agreement with the U.S. by August 1, the tariff rates will revert to the "reciprocal tariffs" levels announced in April.
Trump said Monday on social media that 25-percent tariffs will be imposed on imports from Japan and the Republic of Korea (ROK), respectively, beginning August 1.
Later on, he announced that similar letters were sent to the leaders of 12 other countries, namely Malaysia, Kazakhstan, South Africa, Laos, Myanmar, Indonesia, Bosnia and Herzegovina (BiH), Bangladesh, Serbia, Cambodia, Thailand and Tunisia, informing them that tariffs ranging 25 percent to 40 percent will be charged starting next month.
On April 2, Trump announced the imposition of so-called "reciprocal tariffs," triggering a sharp decline in U.S. financial market value. Under mounting pressure, Trump announced on April 9 a 90-day delay in imposing high "reciprocal tariffs" on certain trade partners, while maintaining a 10 percent "baseline tariff."
Trump to extend pause on "reciprocal tariffs" to Aug 1
Trump to extend pause on "reciprocal tariffs" to Aug 1
