(NY Post)—President Trump publicly warned 14 nations Monday that they face “reciprocal” tariffs if they fail to reach a trade deal by Aug. 1 — delaying what had been a July 9 deadline for talks to wrap up.
Japan and South Korea were the first two nations targeted, with the president announcing that the major car and electronics-exporting nations each face a 25% duty if they fail to reach a trade deal with Washington this month.
“Please understand that the 25% is far less than what is needed to eliminate the Trade Deficit disparity we have with your Country,” Trump wrote to Japanese Prime Minister Ishiba Shigeru and South Korean President Lee Jae Myung.
“If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25% that we charge.”
Also getting letters Monday were Bangladesh (facing a 35% rate), Bosnia and Herzegovina (30%), Cambodia (36%), Indonesia (32%), Kazakhstan (25%), Laos (40%), Malaysia (25%), Myanmar (40%), Serbia (35%), South Africa (30%), Thailand (36%) and Tunisia (25%).
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