#TrumpTariffs
“Reciprocal” tariffs targeting 14 countries: On July 7–8, Trump extended a 90‑day pause on his sweeping “Liberation Day” tariffs to August 1, while sending letters to nations like Japan, South Korea, Malaysia, Bangladesh, Thailand, Indonesia, Laos, Myanmar, South Africa, Cambodia, Serbia, Kazakhstan, Tunisia, Bosnia, and Bangladesh — threatening tariffs from 25 % to 40 % if no deals are made .
Major country-specific rates:
Japan & South Korea: threatened 25% tariffs .
Myanmar & Laos: face the steepest at 40% .
Thailand & Cambodia: around 36% .
Bangladesh & Serbia: about 35% .
Indonesia: 32% .
South Africa & Bosnia and Herzegovina: 30% .
Malaysia, Kazakhstan, Tunisia: 25% .
Sector-specific tariffs: Metals and vehicles remain under high duties — 50% for steel/aluminum, 25% on cars, and a newly announced 50% tariff on copper to lift domestic production .
Legal and economic impact:
Courts previously ruled parts of the "Liberation Day" tariffs unlawful under IEEPA in V.O.S. Selections Inc. v. United States (May 28), but enforcement is on hold pending appeal .
Economists warn these policies could shave about 0.8% off US GDP and cost households roughly $1,200–$1,400 annually .
Markets are jittery: copper futures hit record highs after the announcement, and U.S. stocks dipped .
Negotiations & reactions:
The UK and Vietnam reached deals to reduce or pause tariffs; limited frameworks exist with China and the EU .
Japan and South Korea are actively negotiating, especially around autos and steel exemptions .
Developing exporting nations (e.g., Bangladesh, Cambodia, South Africa) are pushing back strongly, warning of dire impacts .
🔍 What’s Next?
August 1 deadline: If no trade deals materialize by then, the tariffs go into effect. Trump has stated there’ll be no further extensions .
Trade talks escalate: A flurry of negotiations is underway, particularly on autos, steel, minerals, and rare-earth supply chains.