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President Donald Trump has announced a sweeping set of new tariffs targeting 14 countries, set to take effect on August 1, 2025. These "reciprocal tariffs" range from 25% to 40% and are intended to pressure countries into renegotiating trade agreements that Trump’s administration views as unfair to the United States.

Japan, South Korea, Malaysia, and Kazakhstan will face 25% duties, while countries such as South Africa, Laos, Myanmar, and Thailand will be hit with higher rates, some up to 40%. Trump’s team sent formal tariff letters to each nation on July 7, warning that failure to reach a bilateral agreement would trigger the new levies.

The White House delayed the original July 9 deadline to allow for further negotiations, pushing it to August 1. Treasury Secretary Scott Bessent indicated that more trade-related announcements could follow, especially concerning countries aligned with the BRICS bloc.

Markets reacted sharply to the news. U.S. and Asian stock indices dropped, oil prices dipped, and currencies such as the Japanese yen and Korean won weakened before stabilizing. Automakers and exporters in affected countries saw immediate declines in stock value.

Legal challenges to Trump’s authority under the International Emergency Economic Powers Act (IEEPA) are ongoing, with a key appeals court hearing scheduled for July 31. Meanwhile, Congress is debating the Trade Review Act, which would limit the executive branch’s ability to impose long-term tariffs without legislative approval.