US delays higher tariffs but announces new rates for some nations

Source BBC

President Donald Trump has delayed higher tariffs on imports into the US but warned 14 countries, including Japan and South Korea, about new taxes starting August 1. These new tariffs were supposed to begin on July 9 but are now postponed to allow trade talks. Trump said the August date is “firm, but not 100% firm,” meaning changes are possible if countries want to negotiate.

Tariffs include 40% on goods from Myanmar and Laos, 36% for Thailand and Cambodia, and 25–35% for several others. Trump says tariffs will help US factories and protect American jobs, but experts warn they could make things more expensive in the US.

The US stock market dropped slightly after the announcement.

Some countries are offering new deals, and the US has already reached agreements with Vietnam, the UK, and part of one with China. Talks with the EU and India are still ongoing.

Trump says more letters may be sent soon.

Summary

Trump's tariff delays aim to pressure trade partners into new deals. While protecting US industries, such tariffs risk global tensions, price hikes, and uncertain outcomes in ongoing negotiations.