Donald Trump Tariff Hike: White House Extends Tariff Hike Date, Sends Formal Notices to 14 Nations

Donald Trump Tariff Hike: On July 7, the White House announced an extension of the tariff implementation date from July 9 to August 1, providing a brief relief for countries currently engaged in trade negotiations with the Trump administration. An official advisory was issued, and formal letters were sent to all affected countries, including South Korea and Japan. The United States intends to impose tariffs ranging from 25% to 40% on goods from 14 nations, with President Trump emphasizing that these duties will remedy long-standing trade imbalances. This follows the imposition of a 10% baseline tax on 60 nations in April, which generated major volatility in global equity and financial markets.

Trump Imposes Tariff on Trade

Recent events indicate that numerous countries, including the European Union, Pakistan, Taiwan, and Switzerland, are close to reaching a trade agreement with the United States. The United States has only reached preliminary agreements with the United Kingdom and Vietnam thus far, with few details available. According to reports, a 10% duty would be imposed on British goods, as well as a 25% tax on steel and aluminum, while Vietnam will suffer a 20% tariff on exports, but no tariffs will be imposed on US automobiles. Meanwhile, despite being vital allies, Japan and South Korea have struggled to finalize trade agreements owing to forthcoming elections and are facing the danger of increased tariffs on important sectors such as automobiles, steel, and electronics.