Trump’s latest tariffs target 14 nations, with rates as high as 40%

Trump’s tariff spree targets Japan, South Korea: US President Donald Trump has signed letters outlining imminent tariffs on 14 nations slated for rollout on the new 1 August deadline, BBC reports. The targeted countries include major US trading partners Japan — the fifth-largest exporter to the US — and South Korea, which now could face 25% duties, up from the previous blanket rate of 10%, the news outlet reports, citing US import data (pdf).

Some caveats: If either nation were to increase its own tariffs in retaliation, the US would impose an additional levy on top of its 25% rate, Reuters reports. The new levies will not combine with other sector-specific tariffs, such as automotive, aluminum, and steel.

IN CONTEXT- The missives formalize previous threats made by the Trump administration in recent months, in which the US threatened heightened rates in the absence of finalized agreements.

The unlucky 14: Besides Japan and South Korea, Trump outlined heightened tariffs on another 12 countries, including a 40% levy on Myanmar and Laos; 36% on Thailand and Cambodia; 35% on Serbia and Bangladesh; 32% on Indonesia; 30% on South Africa and Bosnia and Herzegovina; and 25% on Malaysia, Kazakhstan, and Tunisia.

Rushing to import: We may see a continuing surge of US imports from Thailand and South Korea, as US importers rush to secure purchases ahead of the tariff deadline.