US Slaps 35% Duty On Bangladesh, 36% Each On Thailand And Cambodia In New Salvo Targeting 14 Countries

(MENAFN- KNN India) New Delhi, July 8 (KNN) US President Donald Trump on Tuesday (IST) indicated that a trade deal with India is close to being finalised, even as he announced new tariff rates on 14 countries, according to Reuters.

The remarks came during a press briefing at the White House, where Trump discussed the progress of reciprocal trade negotiations and reiterated his administration's assertive stance on trade policy.

“We're close to making a deal with India,” Trump said, responding to a question on tariff actions.“We've spoken to everybody... it's all done. I told you we'll make some deals, but for the most part, we're going to send a letter. We're going to say: welcome to the United States, if you'd like to participate in the greatest, most successful country ever.”

"Now we've made a deal with the United Kingdom. We've made a deal with China. We're close to making a deal with India. Others we met with, and we don't think we're going to be able to make a deal. So we just sent them a letter," he added.

The announcement follows the imposition of new tariffs on goods from Japan and South Korea, with a 25 percent rate set to take effect on August 1.

Shortly after, the Trump administration rolled out additional tariff hikes on 12 other nations - including Myanmar (40 percent), Laos (40 percent), Cambodia (36 percent), Thailand (36 percent), Serbia (35 percent), Bangladesh (35 percent), Indonesia (32 percent), South Africa (30 percent), Bosnia and Herzegovina (30 percent), Kazakhstan (30 percent), Malaysia (25 percent), and Tunisia (25 percent).

Letters detailing the new tariff terms were shared by Trump on his Truth Social platform, underscoring his 'America First' trade philosophy.

While affirming strong bilateral ties with affected countries, the letters warned against retaliatory tariff actions, cautioning that any such moves would be met with further increases.

However, Trump also signalled a willingness to lower tariffs if trade partners agree to revised, more favourable terms.

White House Press Secretary Karoline Leavitt confirmed that the US President was personally determining the tariff rates, aiming to craft 'tailor-made plans for every country,' according to the Associated Press.

When asked if the August 1 implementation date was final, Trump responded,“I would say firm, but not 100 per cent firm. If they call up and say they would like to do something in a different way, we will be open to that.”

(KNN Bureau)

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