US President Donald Trump has announced new tariffs on goods from 14 countries, starting August 1. This news emerged from posts shared on his platform Truth Social.
Announcement of Tariffs
Trump sent formal notifications to leaders of 14 countries, including Japan, South Korea, Malaysia, among others. He described this decision as a step towards "strong friendships," although the terms are rather strict.
Specifics of New Tariffs
Tariff rates vary by country: goods from Japan and South Korea face 25%, while South Africa and Bosnia face 30%. Imports from Indonesia will be subjected to 32%. Bangladesh and Serbia will incur 35%, and Laos and Myanmar face the highest rates at 40%.
Market Reaction and Legal Aspects
Markets reacted negatively to the announcement of new tariffs. The Dow Jones and S&P 500 indices fell. Moreover, Trump's tariff policies are facing legal challenges: a prior ruling determined that Trump lacks the authority to impose such broad tariffs.
Trump's new tariffs could significantly impact international trade and reflect on economic indicators in both the US and targeted countries. The future of these measures remains uncertain due to legal challenges.
