#TrumpTariffs

The US president announced countries including Japan, South Korea and South Africa will face tariffs of up to 40% as part of a fresh wave of levies to kick in on 1 August. No increases will take place on Wednesday, however, after he extended a previous pause.

White House officials also signaled that new blanket rates – charged on all goods imported from certain markets – would incorporate, rather than be imposed on top of, existing duties charged on certain sectors, such as cars.