{"id":246381,"date":"2025-07-07T22:33:11","date_gmt":"2025-07-07T22:33:11","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/246381\/"},"modified":"2025-07-07T22:33:11","modified_gmt":"2025-07-07T22:33:11","slug":"markets-recoil-on-trumps-latest-tariff-moves-in-asia","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/246381\/","title":{"rendered":"Markets recoil on Trump\u2019s latest tariff moves in Asia"},"content":{"rendered":"\n

WASHINGTON\u00a0\u2014\u00a0President Trump\u2019s decision to hike tariffs once again<\/a> on some of America\u2019s largest trading partners rattled markets on Monday<\/a>, dashing hopes on Wall Street that the White House would cut any significant trade deals, as it had promised, by the middle of this week.<\/p>\n

In a series of letters sent to foreign leaders, and promptly posted by the president<\/a> to his social media platform, Trump said the new rates amount to the cost of doing business with \u201cthe extraordinary Economy of the United States, The Number One Market in the World, by far.\u201d Under the new policy, Japan, South Korea, Malaysia and Kazakhstan will face 25% import duties starting Aug. 1, while goods from Cambodia and Thailand are set for 36% tariffs. Laos and Myanmar will face a 40% rate, according to the letters.<\/p>\n

Indonesia faces a 32% duty. Bangladesh and Serbia were told their goods would face 35% import rates, while goods from South Africa and Bosnia and Herzegovina sent to the United States would face duties of 30%.<\/p>\n

\u201cIt is a Great Honor for me to send you this letter in that it demonstrates the strength and commitment of our Trading Relationship,\u201d Trump wrote in the letters, sending the same text to each foreign leader.<\/p>\n

Markets recoiled at the news, with the Dow Jones industrial average dropping 1.4%, the Nasdaq falling 1.2% and the Standard & Poor\u2019s 500 sinking 1.2%.<\/p>\n

The move essentially returns U.S. tariff rates on those countries to those Trump first announced on April 2, on what he called Liberation Day<\/a>, but that he ultimately abandoned<\/a> over widespread Wall Street panic that began spooking the bond market.<\/p>\n

Trump hit pause on the crisis by announcing a 90-day suspension of the higher tariff rates, a period set to expire Wednesday. But the White House press secretary, Karoline Leavitt, said Monday that Trump would extend the deadline to the end of the month.<\/p>\n

Several senior officials in the Trump administration had promised a slew of trade deals would follow the April episode \u2014 \u201cwe\u2019re going to run 90 deals in 90 days<\/a>,\u201d said Peter Navarro, the president\u2019s top trade advisor. Yet the administration has failed to secure a single detailed trade deal, instead announcing three frameworks of understanding with the United Kingdom, China and Vietnam.<\/p>\n

\u201cThe president is taking a very deliberate approach to correcting this wrong of many decades, of many past presidents \u2014 I think he should be commended for the time and the effort that he\u2019s putting into this,\u201d Leavitt told reporters at a press briefing.<\/p>\n

\u201cThe fact that he has announced a framework with China, a trade deal with the U.K., a trade deal with Vietnam and many others to come in just six months is truly historic, and it\u2019s a testament to this president and his trade team,\u201d she added.<\/p>\n

In his letters to foreign leaders, Trump warned that any effort by their governments to retaliate would be met with escalation.<\/p>\n

\u201cIf for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25% that we charge,\u201d he wrote.<\/p>\n

Leavitt said more letters would be sent in the coming days. She also stated that additional trade deals could be announced soon. \u201cWe are close,\u201d she said.<\/p>\n

In a separate post on his Truth Social platform, Trump warned that countries in BRICS<\/a> \u2014 an economic partnership comprising Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, the United Arab Emirates, Ethiopia, Indonesia and Iran \u2014 would face an additional 10% tariff if they adopt \u201cAnti-American policies\u201d at a summit in Rio de Janeiro this week.<\/p>\n

\u201cThere will be no exceptions to this policy,\u201d the president wrote.<\/p>\n

Scott Bessent, the Treasury secretary, told CNBC in an interview that his inbox was \u201cfull last night with a lot of new offers<\/a>\u201d for trade deals ahead of the now-defunct Wednesday deadline.<\/p>\n

\u201cWe\u2019ve had a lot of people change their tune in terms of negotiations,\u201d Bessent said. \u201cSo it\u2019s going to be a busy couple of days.\u201d<\/p>\n

The stock market reaction to Trump\u2019s Liberation Day tariffs, which hiked rates on countries all around the world, was an historic rout, eviscerating trillions of dollars in value, with the Standard & Poor\u2019s index bleeding 12% in just four days.<\/p>\n

Markets recovered within weeks, after Trump reversed course, with the S&P hitting a record high on Thursday.<\/p>\n","protected":false},"excerpt":{"rendered":"WASHINGTON\u00a0\u2014\u00a0President Trump\u2019s decision to hike tariffs once again on some of America\u2019s largest trading partners rattled markets on…\n","protected":false},"author":2,"featured_media":246382,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3091],"tags":[521,51,1395,4094,16745,19428,17272,39525,7036,2441,62576,1551,95584,1715,3075,1757,16,15,2150],"class_list":{"0":"post-246381","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-asia","9":"tag-business","10":"tag-china","11":"tag-country","12":"tag-good","13":"tag-karoline-leavitt","14":"tag-letter","15":"tag-liberation-day","16":"tag-market","17":"tag-markets","18":"tag-poor","19":"tag-president-trump","20":"tag-significant-trade-deal","21":"tag-standard","22":"tag-tariff","23":"tag-trump","24":"tag-uk","25":"tag-united-kingdom","26":"tag-vietnam"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114814334893630731","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/246381","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=246381"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/246381\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/246382"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=246381"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=246381"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=246381"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}