$BTC Trump extends tariff deadline to August 1! Japan, South Korea and other countries face a minimum tax rate of 25%

U.S. President Trump signed an executive order that postpones the effective date of reciprocal tariffs and the negotiation deadline from July 9 to August 1.

Additionally, he sent the first batch of tariff letters to 14 countries, effective August 1, imposing a 25% tariff on Japan and South Korea, and a 25% tariff on Malaysia, Kazakhstan, and Tunisia, while South Africa will face a 30% tax rate, and Laos and Myanmar will be subject to a 40% tariff.

The executive order he signed gives all countries facing 'reciprocal tariffs' an extra three weeks to reach an agreement with the White House before August 1.

Furthermore, he pointed out that these tariffs do not include industry-specific tariffs that are being implemented or planned separately. Japan and South Korea are target countries for U.S. steel tariffs and major automobile exporters.

This batch of letters was published on Trump's Truth Social platform, and the tariff figures are generally consistent with what he had previously announced. White House Press Secretary Karoline Leavitt stated that the remaining countries will receive theirs in the coming days.

Although some affected countries have limited trade volumes with the U.S., such as Myanmar (where U.S. imports from Myanmar in 2024 are only about $656 million), they are still included in this crackdown. The U.S. also occasionally imports crude oil from Kazakhstan, with an average import volume of 33,000 barrels per day in April 2024, the highest level in nearly two decades.

When asked why Japan and South Korea were chosen as the first targets, Leavitt responded, 'This is the President's decision.' She added that the government is 'close' to reaching agreements with other trading partners, and Trump wants to ensure the agreements are 'most favorable.'

This action is the latest wave of drastic changes in Trump's global trade policy. Earlier, on April 2, he announced tariffs of up to 50% on more than 50 trading partners in the White House Rose Garden, causing significant market turmoil. A week later, he lowered the tariffs to 10%, providing a 90-day negotiation buffer.

So far, only a few countries have successfully reached agreements. During this period, the U.S. has made progress in negotiations with the UK, Vietnam, and China. Trump also warned countries against retaliation:

'If you decide to impose tariffs in return, the amount you add will be directly added to you by us.'