Trump announced that starting August 1, he will impose high tariffs on 14 countries, and China is not on the list.

CNBC: Trump says starting August 1, high tariffs will be imposed on 14 countries, China is not on the list

CNBC reported on July 7 that US President Trump announced on Monday that starting August 1, high tariffs ranging from 25% to 40% will be imposed on imports from 14 countries including Japan, South Korea, Malaysia, Kazakhstan, South Africa, Laos, Myanmar, Bosnia and Herzegovina, Tunisia, Indonesia, Bangladesh, Serbia, Cambodia, and Thailand. According to a letter released by Trump on social media, goods from Japan, South Korea, Malaysia, Kazakhstan, and Tunisia will face a 25% tariff, while those from South Africa and Bosnia will face 30%, Indonesia 32%, Bangladesh and Serbia 35%, Cambodia and Thailand 36%, and Laos and Myanmar as high as 40%. White House Press Secretary Karoline Leavitt said that Trump will sign an executive order to delay the tariffs, which were originally scheduled to take effect this Wednesday, to August 1.

Notably, China was not included in the list of countries subject to the new tariffs. Previously, the Trump administration had announced tariffs on goods from multiple countries in April, but after global market turbulence, it implemented a 90-day suspension on April 9, reducing the rate to 10% uniformly. The new tariff policy comes as the United States has reached a broad framework agreement with the UK and Vietnam, and has made a preliminary agreement with China. Trump stated that Vietnam's exports to the US will face a 20% tariff, while Chinese goods transiting through Vietnam may be subject to an additional 40% tariff.

Data from the Office of the US Trade Representative shows that the trade deficit for the US with Japan and South Korea in 2024 was $68.5 billion and $66 billion respectively, while the deficit with Myanmar was only $579.3 million. Experts point out that the Trump administration views trade deficits as evidence of the US being "exploited," but economists generally believe that deficits are not inherently negative, and forced adjustments could disrupt the global supply chain. The market reacted negatively, with the three major US stock indices falling collectively on Monday, with the Dow Jones Industrial Average closing down 0.94%, the S&P 500 index down 0.79%, and the Nasdaq Composite declining 0.92%.

Trump warned in his letter that the relevant countries should not take retaliatory tariffs, otherwise the US would impose the same rate. He also said that if these countries remove trade barriers, the US might adjust the tariffs. The letter emphasized: "As long as you do not raise tariffs, you will never be disappointed by the US." Analysts believe that this move could escalate global trade tensions, but the policy towards China remains uncertain, and further developments need to be monitored.

Original article: https://www.toutiao.com/article/1837023446800396/

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