Donald Trump Sends Out Letters Slapping 25-40% Tariffs: Full List Of Tariffs On Japan, Myanmar, Others

(MENAFN- Live Mint) US President Donald Trump sent out the first wave of letters that threaten to impose up to 40 per cent import tariffs on countries where trade deals have not been reached yet, but suggested that he was open to negotiations to sign an agreement.

The increased duties have been pushed back to August 1, while the previous 90-day tariff suspension will end on July 9 - giving the US and its trade partners a brief window to discuss the taxes.

As promised earlier, Trump started to send out his tariff letters beginning with Japan and South Korea. A dozen more countries followed, with tariff rates reaching up to 40 per cent on a few of them. Till now, 14 countries have been slapped with the tariff letters by Trump.

The US President also signed an executive order that would delay the new reciprocal tariff rates on the countries till August 1, effectively giving each affected trade partner more time to reach an agreement with the White House.

More letters in coming days

White House Press Secretary Karoline Leavitt on Monday teased additional tariff letters that are set to be sent in the coming days.

Trump had earlier promised to send letters to its trade partners with whom the US has been unable to strike a deal.

Also Read | India waits on trade deal as Trump wields tariff stick Also Read | 'US close to trade deal with India', says Trump amid new tariffs on 14 countries

Asked why Trump had chosen to hit Japan and South Korea first, Leavitt said it was“the president's prerogative.”

“Those are the countries he chose,” she said.

Leavitt said the administration is“close” to inking agreements with a few other trading partners. Trump“wants to ensure these are the best deals possible,” she added.

Few nations successfully negotiated deals in the three months given by the Trump administration that will end July 9. In the interim, Trump announced framework agreements with the United Kingdom and Vietnam and a trade truce with China.

Full list of new reciprocal tariffs

Here is a list of the new reciprocal tariff rates on the 14 countries that have received Trump's letter:

Japan – 25%

South Korea – 25%

Malaysia – 25%

Kazakhstan – 25%

Tunisia – 25%

South Africa – 30%

Bosnia – 30%

Laos – 40%

Myanmar – 40%

Trump open to negotiations

The letters were not the final word from Donald Trump on tariffs, he confirmed to reporters at the White House on Monday.

“I would say, final, but if they call with a different offer and if I like it, we'll do it,” Trump said on being asked if the letters were the final words on tariff negotiations.

Also Read | Trump Administration delays tariffs until August 1, extends July 9 deadline

However, the letters also threatened the repercussions of a counter-tariff.

“If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25% that we charge,” Trump wrote in the letters to Japan and South Korea. Similar warnings were sounded for the other trade partners too.

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