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US President Donald Trump has intensified his global trade conflict by notifying 14 countries that will face new tariffs from August 1. The move has extended his trade war beyond earlier targets. The new tariffs have affected both allies and smaller economies. While the base rate for most imports has been levied at 25%, some nations face duties as high as 40%. Trump has also left the door open for negotiation, but has cautioned of further penalties if countries strike back. The announcement has impacted Wall Street, but has had a mixed effect on Asian markets. So far, only the UK and Vietnam have finalised new trade pacts.
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Japan, facing a 25% tariff, has started fast-track talks with the US and has stated that progress may revise the conditions before the August 1 deadline. (Photo source: Reuters)
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South Korea has been imposed with 25 % duties. Seoul highlighted that tariff reductions on autos and steel should be part of a new trade deal. (Photo source: Reuters)
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Tunisia has been levied with a 25% tariff. Tunisia has yet to release an official reaction, but is likely to seek negotiations given its trade volume with the US. (Photo source: Reuters)
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Acknowledging the US concerns, Malaysia’s trade ministry has called for dialogue and has expressed the possibility for a balanced outcome as it is facing a 25% tariff.
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Kazakhstan has been put on a 25% tariff, and has not reacted publicly, but is anticipated to consider its options under the new trade deal. (Photo source: Canav)
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South African President Cyril Ramaphosa has termed the 30% levy as unreasonable, pointing out that most US goods make entry into South Africa duty-free. Talks are currently underway. (Photo source: Reuters)
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Bosnia and Herzegovina is in the 30% tariff list and has also not said anything about the development, but analysts suggest that it may plan its trade strategy with EU norms. (Photo source: Canva)
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Indonesia has been levied with a 32% tariff and is sending negotiators to Washington, and is still hoping to avoid major disturbance to its exports. (Photo source: Reuters)
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Serbia has been hit with a 35% duty and has not made any public statement, but is likely to depend on EU assistance for future trade agreements. (Photo source: Canva)
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Bangladesh is facing a sharp 35% tariff and is alarmed as the US is its top garment export market. Industry leaders have raised concerns related to the economic impact. (Photo source: Reuters)
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Cambodia is under 36% duty. The decision is expected to impact its textile sector, which depends mainly on US demand. (Photo source: Canva)
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Thailand will have to bear 36% tariffs, but is confident that it can get fair terms through negotiations. The country is also planning to push for a tariff in line with other trading partners. (Photo source: Reuters)
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Laos is facing the highest tariff at 40%. The tariff impact is likely to hurt its limited export economy. (Photo source: Reuters)
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Myanmar is also on strike with a 40% duty. The country is under pressure because of economic uncertainty and by existing political instability. (Photo source: Reuters)
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