Trump Announces 25% Tariffs on Japan and South Korea: Live Updates – The New York Times
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Diverging Reports Breakdown
India US Trade Deal Highlights: Trump imposes 30% tariffs on South Africa, 40% on Myanmar, 25% on Kazakhstan and Malaysia
Trump reviewing ‘every country on the map’ for tariff action, says White House press secretary. White House Press Secretary Karoline Leavitt: ‘It’s the president’s prerogative’
Offering further insight into how President Donald Trump is determining which countries will face new tariffs under his trade agenda, White House Press Secretary Karoline Leavitt said:
“It’s the president’s prerogative, and those are the countries he chose,” Leavitt said, referring to the upcoming round of 12 tariff letters expected to go out soon.
She added that Trump is taking a hands-on approach:
“He is literally looking at the map and looking at every country on the planet—seeing where they are ripping off the American people, seeing where they hollowed out our industrial base.”
US Stock Market Highlights: Dow slides more than 400 points Monday as new Trump tariffs incite sell-off
US Stock Market Highlights: Dow slides more than 400 points Monday as new Trump tariffs incite sell-off. The Dow Jones Industrial Average fell 422.17 points, or 0.94%, to close at 44,406.36. The S&P 500 declined 0.79% to 6,229.98, while the Nasdaq Composite lost 0.92%, ending at 20,412.52.
By CNBCTV18.COM Jul 8, 2025 1:56 AM IST (Updated)
US Stock Market Highlights: US stocks dropped on Monday (July 7) after US President Donald Trump revealed plans to impose new tariffs on imports from at least seven countries, sparking concerns over renewed trade tensions. The Dow Jones Industrial Average fell 422.17 points, or 0.94%, to close at 44,406.36. The S&P 500 declined 0.79% to 6,229.98, while the Nasdaq Composite lost 0.92%, ending at 20,412.52.
US Stock Market Highlights: US stocks dropped on Monday (July 7) after US President Donald Trump revealed plans to impose new tariffs on imports from at least seven countries, sparking concerns over renewed trade tensions. The Dow Jones Industrial Average fell 422.17 points, or 0.94%, to close at 44,406.36. The S&P 500 declined 0.79% to 6,229.98, while the Nasdaq Composite lost 0.92%, ending at 20,412.52. Trump, in a series of Truth Social posts, shared signed letters addressed to the leaders of South Korea, Japan, Malaysia, Kazakhstan, South Africa, Laos, and Myanmar, detailing new tariff rates set to take effect on August 1.
Watch this space for all the live updates.
Live updates: Netanyahu visits the White House; Trump threatens more tariffs on trade partners
Trump said the new Aug. 1 tariff deadline he set today isn’t exactly set in stone. Trump signed an executive order earlier today delaying the implementation date of tariffs on dozens of countries.
“If they call up and they, say, would like to do something a different way, we’re going to be open to that,” Trump said to reporters today, calling the deadline “firm but not 100% firm.”
Trump signed an executive order earlier today delaying the implementation date of tariffs on dozens of countries from Wednesday to Aug. 1.
Asked about his earlier promise of “90 deals in 90 days,” Trump argued he had delivered on that front, citing the letters he sent to numerous countries saying what their new tariff rates would be.
“As far as I’m concerned, we’re done,” Trump said.
Trump Tariff LIVE: ‘Close to making a deal with India,’ says Trump after levying 25–40% tariffs on 14 nations
US President Donald Trump has said that the United States is close to finalising a trade deal with India. This move is part of a larger effort to change global trade ties and use tariffs as a tool to increase US influence. Trump has delayed imposing higher tariffs on goods coming into the US from 14 countries, including Japan and South Korea. The higher tariffs were supposed to start on July 9, but were earlier put on hold while US officials tried to make trade agreements. US Treasury Secretary Scott Bessent said on Sunday that the tariffs announced in April will be enforced starting August 1 for countries that haven’t finalized a deal with President Trump’s administration. The US will begin charging tariffs on countries like Japan, South Korea, and South Africa from August, which led to a fall in their currencies. Many economists believe these steps will make things more expensive for American buyers and reduce trade.
He also indicated that while some countries are cooperating, others are not willing to accept the terms the US is offering. In those cases, the US is informing them that they will face new tariffs. He said letters are being sent to these countries explaining the new tariff amounts they would have to pay.
Trump delays tariffs on countries till August
Trump has delayed imposing higher tariffs on goods coming into the US from 14 countries, including Japan and South Korea. The development comes just as a 90-day pause on some of the toughest import taxes, put in place by the White House, was about to expire this week. Trump repeated his warning that a 25% tariff could still be placed on goods from Japan and South Korea. He also shared letters to leaders of several countries, saying new tariffs will take effect from August 1. The higher tariffs were supposed to start on July 9, but were earlier put on hold while US officials tried to make trade agreements.
Trump shared tariff letters via social media on Monday that were sent to leaders of the 14 countries. He explained his new tariff plans in them and said the rates could go up or down, depending on how each country’s relationship with the US develops. Most of the tariff amounts in the letters were similar to what Trump had mentioned in April, during what he called the “Liberation Day” announcement, when he threatened new taxes on goods from many countries. Although highest tariff rate of 40% has been imposed on Myanmar and the Lao People’s Democratic Republic.
Trump says the goal of these tariffs is to protect American companies from foreign competition and to support US factories and jobs. However, many economists believe these steps will make things more expensive for American buyers and reduce trade.
‘If you don’t move things along till Aug 1, you will boomerang back to April 2 tariff level’: Bessent
US Treasury Secretary Scott Bessent said on Sunday that the tariffs announced in April will be enforced starting August 1 for countries that haven’t finalized a deal with President Donald Trump’s administration. “President Trump’s going to be sending letters to some of our trading partners saying that if you don’t move things along, then on August 1, you will boomerang back to your April 2 tariff level,” Bessent said during an interview on CNN’s ‘State of the Union’. He explained that these countries will receive letters stating that if no agreement is reached by then, their tariff rates will return to what was set on April 2.
Bessent pushed back on claims that August 1 marks just another tariff deadline. However, he acknowledged that the new date could give countries extra time to work out better trade terms. “We are saying this is when it’s happening, if you want to speed things up, have at it, if you want to go back to the old rate that’s your choice,” Bessent added.
How did Wall Street react: Stock markets dropped from record highs and the US dollar rose after Trump started sharing his tariff letters. The US will begin charging tariffs on countries like Japan, South Korea, and South Africa from August, which led to a fall in their currencies. The S&P 500 index went down by around 1%, with big companies seeing the biggest losses. Tesla’s stock fell nearly 7% after Elon Musk said he had started a political party, causing investors to worry about the company’s future. US government bonds also dropped in value, especially the long-term ones. Emerging markets were affected too, after Trump said he might add more tariffs on countries that support the “Anti-American policies of BRICS.”
Live Updates
Trump Tariffs Today LIVE: Japan, South Korea Among 14 Nations To Get Trump’s Tariff Letters
US President Donald Trump sent tariff letters to 14 nations, with Japan and South Korea being the first recipients, imposing taxes ranging from 25% to 40% on their imports. The timing for the first tariff letter to be sent by Trump will be 9:30 PM India Standard Time (IST) Trump also threatened an additional 10% tariff on countries aligning with the emerging BRICS bloc.
Last Updated: July 08, 2025, 07:25 IST
Donald Trump Tariffs Live Updates: US President Donald Trump on Monday sent tariff letters to 14 nations, with Japan and South Korea being the first recipients, imposing taxes ranging from 25% to 40% on their imports, as he started dispatching the first batch of letters to various nations, days before his deadline for trade partners to reach new deals expires.
Trump made the announcement on his Truth Social platform, stating that the tariff letters and/or deals would be delivered to various nations around the world. The timing for the first tariff letter to be sent by Trump will be 9:30 PM India Standard Time (IST).
“I am pleased to announce that the UNITED STATES TARIFF Letters, and/or Deals, with various Countries from around the World, will be delivered starting 12:00 P.M. (Eastern), Monday, July 7th. Thank you for your attention to this matter! DONALD J. TRUMP, President of The United States of America,” the US President wrote.
Additionally, in a separate post, Trump also threatened an additional 10% tariff on countries aligning with the emerging BRICS bloc, accusing them of “anti-Americanism” after they criticised his trade policies at a summit held in Brazil’s Rio on Sunday.
Meanwhile, US Treasury Secretary Scott Bessent said the re-imposed tariffs would not take effect until 1 August, giving negotiators a few extra weeks to reach agreements.
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