The latest news on #TrumpTariffs , based on recent reports, indicates significant developments as of July 8, 2025:
New Tariff Announcements: President Donald Trump has escalated pressure on trading partners by sending letters to leaders of 14 countries, including Japan, South Korea, Tunisia, Bosnia and Herzegovina, Indonesia, Bangladesh, Serbia, Cambodia, Thailand, South Africa, and Malaysia, informing them of new tariff rates effective August 1, 2025. These tariffs range from 25% to 40%, with Japan and South Korea facing 25%, Thailand 36%, and Bangladesh 35%. The move aims to address trade deficits and encourage trade deals.
Extension of Tariff Deadline: Trump signed an executive action to extend the deadline for "reciprocal" tariffs (except for China) from July 9 to August 1, 2025, providing more time for negotiations. This follows a 90-day pause initiated in April after market turmoil.
Vietnam Trade Deal: Trump announced a trade deal with Vietnam, imposing a 20% tariff on Vietnamese goods and a 40% tariff on goods transshipped through Vietnam (e.g., from China). Vietnam agreed to zero tariffs on U.S. exports, though the deal's effective date remains unclear.
BRICS Tariff Threat: Trump threatened an additional 10% tariff on countries aligning with BRICS (Brazil, Russia, India, China, etc.) policies deemed "anti-American," following the BRICS summit's criticism of U.S. tariffs. China’s Foreign Ministry responded, stating that trade wars have no winners.
Canada Trade Talks Terminated: Trump has ended trade negotiations with Canada, accusing it of imposing tech taxes and high dairy tariffs (up to 400%). Tariffs on Canadian goods are expected to start soon, potentially escalating into a trade war.
Economic Concerns: Economists warn that these tariffs could cost U.S. employers $82.3 billion, potentially leading to price hikes, layoffs, and stagflation (high inflation, rising unemployment, stagnant growth). The Dow dropped over 400 points on July 7, 2025, due to tariff-related sell-offs.
Legal Challenges: A federal trade court previously blocked Trump’s use of emergency powers for tariffs, citing overreach under the International Emergency Economic Powers Act. However, an appeals court reinstated most tariffs, and the issue may head to the Supreme Court.
EU Negotiations: The EU, led by Ursula von der Leyen, is open to a trade deal but prepared to retaliate if necessary, especially against threatened 50% tariffs on EU goods. Differences between Germany and France on negotiation strategies persist.
These actions reflect Trump’s ongoing strategy to use tariffs to address trade imbalances and boost U.S. manufacturing, though critics argue they risk inflation, higher consumer prices, and global economic disruption. Sentiment on X shows mixed reactions, with some viewing Trump’s tactics as coercive but effective, while others see them as economically damaging.
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