Trump Extends Tariff Deadline To August; Targets 14 Nations

US President Donald Trump has extended the deadline for the imposition of increased tariffs on US imports to August 1, according to a White House statement on Monday. The announcement follows a series of letters sent by Trump to 14 countries, including Japan and South Korea, notifying them of the impending levies.

The tariffs, originally introduced on April 2, referred to by Trump as "Liberation Day," included a 10% tariff on all countries. However, he quickly suspended tariffs higher than 10% for 90 days, with that suspension originally set to expire on July 9. With the extension now in place, the president has now renewed a 25% tariff on goods entering the US from Japan and South Korea, two of the country's largest import partners.

Additional tariffs have also been imposed on several other nations. Goods from Myanmar and Laos will face a 40% duty, while imports from Thailand and Cambodia are subject to 36%, Serbia and Bangladesh to 35%, Indonesia to 32%, South Africa to 30%, and Malaysia and Tunisia to 25%.

In response to the question of whether the August date is final, Trump said, "I would say firm, but not 100% firm. If they call up and they say we'd like to do something a different way, we're going to be open to that." He added that the tariff level may change "depending on our relationship with your country." While Trump defends the measures as a strategy to protect US industries and stimulate domestic goods, economists warn the tariff may lead to higher consumer prices and reduced international trade. Several affected countries are reportedly preparing to enter negotiations with Washington.