President Trump announced new tariffs of 25% to 40% on imports from 14 countries, including key allies Japan and South Korea, starting August 1, 2025, unless new trade deals are reached. These tariffs mark a fresh escalation in the ongoing trade war, targeting major suppliers and smaller nations alike. Trump warned that any retaliatory tariffs would be met with even higher U.S. duties. While the deadline is firm, Trump hinted at some flexibility if countries engage in negotiations. The tariffs have caused market jitters but global stocks have so far reacted calmly. This move aims to push trading partners toward more favorable terms for the U.S., but it also raises concerns about higher costs for American consumers and businesses.
