GG News Bureau
Washington, 8th July: Former U.S. President Donald Trump reignited tensions on the global trade front Monday by launching a fresh wave of tariff threats targeting 14 countries, with new duties as high as 40%. The move marks a dramatic escalation of Trump’s revived protectionist agenda as the 2024 presidential race intensifies.
In a series of letters released via his Truth Social platform, Trump announced plans to impose sweeping tariff hikes starting August 1, unless new bilateral deals are reached. Myanmar and Laos top the list, each facing a 40% tariff rate, followed closely by Thailand and Cambodia at 36%, and Bangladesh and Serbia at 35%.
Trump signaled that the August 1 deadline for negotiations was “not 100 per cent firm,” leaving room for concessions. “Maybe adjust a little bit, depending… We’re not going to be unfair,” he said, hinting at flexibility for nations willing to negotiate.
List of Countries and Proposed Tariff Rates
- Laos, Myanmar – 40%
- Thailand, Cambodia – 36%
- Bangladesh, Serbia – 35%
- Indonesia – 32%
- South Africa, Bosnia and Herzegovina – 30%
- Malaysia, Tunisia, Japan, South Korea, Kazakhstan – 25%
India, however, appeared to be on a different path. Trump said talks with New Delhi were progressing and could be finalized soon. “We’re close to making a deal with India,” he stated.
While Trump confirmed finalized trade agreements with the United Kingdom and Vietnam, other nations have received formal letters outlining the new tariffs. “We don’t think we’re going to be able to make deals with some countries, so we just send them a letter,” Trump said bluntly.
Retaliation Will Be Matched: Trump
The former president also issued a stark warning against any retaliation. “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 per cent that we charge,” read the letters sent to Japan and South Korea.
Notably, the announced rates will apply separately from existing sector-specific tariffs on items such as automobiles, steel, and aluminium. For example, Japanese car imports currently taxed at 25% will not double under the new tariffs—breaking from previous precedents when such rates were compounded.
The proposed tariffs come after Trump’s executive order in April reignited a global trade war, rattling markets and prompting urgent back-channel negotiations. Monday’s move also included a new executive order extending the previous negotiation deadline to August 1, giving affected countries a narrow window to secure exemptions or concessions.
The aggressive tariff push is expected to further polarize global trade ties, particularly in Asia and Africa, where many of the targeted nations are based. Analysts warn that a reciprocal tariff spiral could follow, potentially hitting U.S. exports and complicating trade relations for years to come.
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