Trump confirms new tariffs to take effect from August 1: ‘There will be no change’

While Trump imposed a sweeping 10 per cent tariff on goods from almost all trading partners in April, higher rates customised to dozens of economies were unveiled, then halted until July 9.

However, Trump on Monday again delayed their reimposition, threatening to impose steep duties on over a dozen nations unless new trade deals are struck by 1 August. The latest developments mark a new phase in what is being described as the most significant US tariff increase in nearly a century, causing turmoil in global markets and confusion over what comes next.

Trump informed 14 nations, including key trade partners Japan and South Korea, that they will face tariffs of at least 25 per cent starting in August unless bilateral agreements are reached. The proposed tariff rate for South Korea remains unchanged from earlier announcements, while Japan’s rate has been hiked by 1 percentage point.

Indonesia, Bangladesh, Thailand, South Africa and Malaysia were among other countries facing duties ranging from 25 per cent to 40 per cent.

Trump also warned of even higher rates if any countries retaliate or attempt to bypass the tariffs by routing exports through other nations.