Trump delays tariff hikes again but announces new rates for some countries | Trump tariffs

Donald Trump revealed plans to step up his commerce wars on Monday however delayed tariffs hikes on items from key economies till subsequent month, amid widespread confusion over his controversial financial technique.The US president introduced international locations together with Japan, South Korea and South Africa will face tariffs of as much as 40% as a part of a recent wave of levies to kick in on 1 August. No will increase will happen on Wednesday, nonetheless, after he prolonged a earlier pause.White Home officers additionally signaled that new blanket charges – charged on all items imported from sure markets – would incorporate, reasonably than be imposed on prime of, current duties charged on sure sectors, reminiscent of vehicles.Posting copies of letters addressed to world leaders on social media, Trump introduced the next new US tariff charges:He additionally signed an government order on Monday extending a 90-day pause for a slate of so-called “reciprocal” tariffs first launched in April – in impact pushing again the deadline of commerce talks again to 1 August.The press secretary, Karoline Leavitt, stated in a press briefing that extra letters could be despatched later this week.Trump was “shut” on different offers, she added, however “desires to make sure these are one of the best offers doable”.Trump officers initially prompt they might strike dozens of offers with key economies by 9 July, however have since indicated that they might search an extension to proceed talks.The letters had been largely similar and knowledgeable the leaders that there can be no tariffs if their international locations “resolve to construct or manufacture product inside the USA”.Trump additionally threatened greater tariffs if the international locations place extra tariffs on US exports. “If for any purpose you resolve to boost your tariffs, then, regardless of the quantity you select to boost them by, can be added onto that 25% we cost,” he wrote.In an earlier put up on Fact Social, Trump additionally threatened an additional 10% levy on international locations working with Brics nations (Brazil, Russia, India, China and South Africa) after the bloc’s leaders issued a press release on Sunday expressing “severe considerations concerning the rise of unilateral tariff” measures.Trump initially introduced a slate of so-called reciprocal tariffs in April, on what the White Home dubbed “liberation day”, with some international locations dealing with charges as excessive as 50percentThe US has to date settled offers with three international locations: the UK, China and Vietnam, and Bessent stated there have been over a dozen international locations the US remains to be attempting to barter with.The brand new August deadline for international locations and not using a deal quantities to an extra three-week reprieve, but in addition triggers recent uncertainty for importers due to the shortage of readability across the tariffs.Because the July deadline has approached, Trump’s officers have been racing to dealer offers.skip previous publication promotionSign as much as This Week in TrumplandA deep dive into the insurance policies, controversies and oddities surrounding the Trump administrationPrivacy Discover: Newsletters might include information about charities, on-line advertisements, and content material funded by outdoors events. For extra info see our Privateness Coverage. We use Google reCaptcha to guard our web site and the Google Privateness Coverage and Phrases of Service apply.after publication promotionSimon Harris, the deputy Irish prime minister, confirmed the European Union, which Trump has threatened with 50% tariffs, had been granted an extension till 1 August to permit for talks.“I need to be clear that, whereas it’s seemingly there can be some type of tariffs going ahead, their imposition even at a decrease charge is unhealthy for shoppers, jobs, financial progress and funding,” stated Harris. “We have now constantly known as for zero-for-zero tariffs in as many areas as doable, and I do know the EU has advocated this plan of action.”The White Home reached an deadlock in negotiations with Japan, regardless of preliminary optimism. Trump on Friday stated it’s “a lot simpler to ship a letter” and that the affords are “take it or go away it”.On Wall Road, the benchmark S&P 500 sank by 0.8% after Trump posted his first letters on Monday. The Dow Jones industrial common closed down 0.9%.Although the US inventory market has largely recovered from the uncertainty round Trump’s commerce warfare, the US greenback nonetheless stays weakened after months of commerce fights. At the start of this 12 months, the greenback had its worst six months in additional than 50 years, falling 10.8% for the reason that begin of 2025.British steelmakers face a nervous wait to find if they are going to be hit by US tariffs, after the UK authorities stated it was attempting to finish a deal to guard the trade from Trump’s commerce warfare.The US has set a 50% tariff on international metal and aluminum imports. Whereas the UK has brokered a diminished charge of 25% and is attempting to convey it all the way down to zero, a deal has not but been accomplished.On Monday, Downing Road refused to substantiate it was assured it might eradicate US tariffs on UK metal earlier than Trump’s deadline. A spokesperson for No 10 stated: “Our work with the US continues to get this deal carried out as quickly as doable.”