#TrumpTariffs

On July 7, U.S. President Donald Trump announced new import tariffs on goods from several countries, set to take effect on August 1. Tariffs will rise from 25% to as high as 40%, with Japan and South Korea facing a 25% rate, while countries like Laos and Myanmar will be hit with the highest rate of 40%. The move aims to reduce the trade deficit and boost U.S. manufacturing, and is expected to generate $24.2 billion in its first month. Trump emphasized that the tariffs respond to unfair trade practices and urged countries to relocate manufacturing to the U.S. He also warned of further increases if retaliatory tariffs are imposed, though negotiations remain open until the deadline.