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    Trump Revives Trade War, Threatening Steep Aug. 1 Tariffs on Allies

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    President Trump said Japan and South Korea would face tariffs of 25 percent unless they reached an agreement with the United States. Other countries received notice of higher levies.President Trump revived his trade war threat with more than a dozen countries on Monday, telling them that they would face steep tariffs on their exports as of Aug. 1 unless they agreed to trade deals by then. The president targeted two of America’s closest foreign allies, Japan and South Korea, as well as Malaysia, Indonesia and South Africa.Mr. Trump also officially extended the timeline for dozens of other countries to agree to deals with the United States or face tariffs, signing an executive order on Monday afternoon delaying the stiff levies that were supposed to snap back on July 9.Markets dropped as investors assessed the prospect of more trade conflict with some of America’s closest allies and largest trading partners. The S&P 500 ended Monday down 0.8 percent. Other major indexes also fell.In nearly identical letters to the president of South Korea and the prime minister of Japan, Mr. Trump wrote that the countries would face a 25 percent tax on their exports next month, adding that “we have decided to move forward with you, but only with more balanced, and fair, TRADE.”“Please understand that the 25 percent number is far less than what is needed to eliminate the trade deficit disparity we have with your country,” he wrote.A few hours later, the president posted several more letters to social media detailing tariff rates that products from other foreign countries would face: 40 percent for exports from Myanmar and Laos, 30 percent for exports from South Africa and 25 percent for exports from Malaysia. He quickly followed with new tariff rates for Thailand, Bangladesh, Indonesia and other countries. More

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    Here Are Trump’s New Tariff Threats

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    President Trump has told 14 countries that they will face tariffs of at least 25 percent on Aug. 1 if they don’t reach agreements by then.President Trump informed Japan, South Korea and 12 other nations on Monday that they will face tariffs of at least 25 percent starting Aug. 1 unless they can broker new trade deals imminently with the United States.The newly announced rates, communicated in letters to those nations’ leaders and posted on social media, marked a revival of Mr. Trump’s trade brinkmanship, with additional threats targeting other nations expected throughout the week.The new tariff rates essentially replace the sky-high duties that the president announced in April. At the time, Mr. Trump quickly paused his so-called reciprocal levies for 90 days, mostly so his administration could broker favorable trade agreements around the globe.But the White House has made minimal progress on what an official once described as a campaign to strike “90 deals in 90 days,” with the deadline set to lapse on Wednesday.To buy more time, Mr. Trump signed an executive order on Monday that extended his initial pause, while sending notes to countries informing them about the new taxes on their exports to the United States.His initial battery of letters went to Japan, South Korea, Malaysia, South Africa, Kazakhstan, Laos, Myanmar, Bosnia and Herzegovina, Serbia, Cambodia, Bangladesh, Indonesia, Tunisia and Thailand.Both Japan and South Korea, which each represent about 4 percent of U.S. imports, face 25 percent tariffs on Aug. 1. Thailand would see a rate of 36 percent and Bangladesh 35 percent.Mr. Trump also threatened to raise rates even higher if any of the countries sought to retaliate with import taxes of their own or tried to evade the U.S. duties by shipping through other nations.In the coming days, the White House is expected to send additional letters to other countries, some of which will be subject to the tariffs outlined by the president in April. More

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    UK officials hopeful steel industry will avoid 50% US tariff

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    A chance for Europe to rise

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