Trump announces new reciprocal tariffs with 14 countries, extends negotiations until August 1

According to CNN, on July 7, US President Donald Trump began sending letters announcing new reciprocal tariffs to trade partners, with Japan and South Korea receiving the first notice with a 25% tariff.

"25% is far less than what is needed to eliminate our trade deficit with your country. There will be no tariffs if Korean or Japanese companies decide to build or make products in the United States. The tariffs will be much higher if you retaliate," Trump said.

Japan has yet to respond to the new tax, while the South Korean government has said it will intensify trade negotiations with the US to clarify the issues.

In addition to Japan and South Korea, countries receiving tax notices in the first wave include: Malaysia (25%), Kazakhstan (25%), South Africa (30%), Laos (40%), Myanmar (40%), Tunisia (25%), Indonesia (32%), Bosnia (30%), Bangladesh (35%), Serbia (35%), Cambodia (36%), Thailand (36%).

On the same day, President Trump signed an executive order allowing for a delay in the imposition of reciprocal tariffs until August 1 to allow more time for negotiations.

"Based on additional information and recommendations from multiple senior officials, including information on the status of discussions with trading partners, the implementation date for the new tariffs will be moved from July 9 to August 1," the order said.

President Trump will continue to send letters announcing new reciprocal tariffs to other countries this week, according to White House spokeswoman Karoline Leavitt.