Desk Report,
Trump says deadline for new tariffs on 14 countries including Bangladesh ‘not 100% final’, leaves room for negotiation
US President Donald Trump has once again ignited a trade war by announcing tariffs on 14 countries. However, he said that the deadline set for reaching an agreement by August could be flexible.
Trump says deadline for new tariffs on 14 countries including Bangladesh ‘not 100% final’, leaves room for negotiation
In a letter to some of the US’s major trading partners, including Japan and South Korea, Trump said that the counter-tariffs suspended in April this year would return within three weeks, even at a higher rate than before.
In the letter, Trump said that a 25 percent tariff would be imposed on goods from Tokyo and Seoul. In addition, tariffs of 25 to 40 percent were said to be imposed on 14 countries, including Indonesia, Bangladesh, Thailand, South Africa and Malaysia.
However, as before, the 79-year-old Trump left room for bargaining with the countries regarding the imposition of tariffs. However, his announcement has already created new uncertainty in the global economy.
Asked about the August 1 deadline, Trump told reporters at a dinner with visiting Israeli Prime Minister Benjamin Netanyahu, “I would say the deadline is right, but not 100 percent.”
When asked whether the letters were his final proposal, Trump said, “I would call it final. If someone makes a different proposal and I like it, we will do it.”
It is worth noting that on April 2 of this year, Trump declared the United States’ economic ‘Freedom Day’ and announced massive tariffs on goods imported into the United States from various countries. At that time, a 10 percent tariff was set as the base for those countries.
However, due to instability in the global market, including the United States, Trump quickly suspended the tariffs above 10 percent for 90 days. The additional tariffs were supposed to take effect again tomorrow, Wednesday. Trump had previously sent the letter to the heads of government of the countries concerned.
In almost identical letters to the leaders of Japan and South Korea, Trump said their trade relationship with Washington was “unfortunately not reciprocal”—which is why the 25 percent tariff would be imposed.
Trump has threatened to impose even tougher tariffs if the countries retaliate.
However, Trump officially extended the deadline to August 1st in an executive order yesterday.
