Trump sets 25% tariffs on Japan and South Korea, and new import taxes on 12 other nations!

President Donald Trump has delayed imposing higher tariffs on US imports, while sending letters to 14 countries including Japan and South Korea detailing the levies they face.

The latest development comes as a 90-day pause the White House placed on some of its most aggressive import taxes was set to expire this week.

The president renewed his threat of a 25% tax on products entering the country from Japan and South Korea and shared a batch of other letters to world leaders warning of levies from 1 August.

Higher tariffs had been set to come into effect on 9 July, having previously been suspended with White House officials saying they would look to strike trade deals.

Japan sent more than $148bn (£108.6bn) in goods to the US last year, making it America’s fifth biggest supplier of imports, after the European Union (EU), Mexico, China and Canada, according to US trade data. South Korea was also in the top 10.

As well as South Korea and Japan, Trump on Monday set out plans for a 40% tariff on goods from Myanmar and Laos, a 36% tariff on goods from Thailand and Cambodia, a 35% tariff on goods from Serbia and Bangladesh, a 32% tariff on Indonesia, a 30% tariff on goods from South Africa and a 25% tariff on goods from Malaysia and Tunisia.

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