Latest news with #reciprocal
Japan Times
a day ago
- Business
- Japan Times
Trump signals the end of the road for Japan tariff negotiations
U.S. President Donald Trump expressed frustration with Japan over trade and said that its "reciprocal" tariff rate of 25%, mentioned in a letter sent to Prime Minister Shigeru Ishiba last week, might simply be allowed to go into effect on Aug. 1. 'The letters are a deal,' Trump told reporters on Tuesday at Joint Base Andrews in Maryland, with U.S. Commerce Secretary Howard Lutnick standing by his side. 'I will veer from those deals on occasion when somebody is willing — like if Japan would open up their country," he added. "They don't do that. They just don't do that. And I don't subscribe to it one way or the other. 'So, we might just stick with a letter.' Trump suggested in his comments that South Korea might be close to making a deal that would supersede the tariff letter sent to its president. South Korea's Aug. 1 reciprocal rate, as outlined in its letter, is also set at 25%. Additional tariffs on pharmaceutical products might be imposed as soon as the end of July, Trump added while speaking to reporters on the tarmac. On Wednesday morning in Tokyo, Deputy Chief Cabinet Secretary Kazuhiko Aoki declined to comment on Trump's remarks. The U.S. president sent letters to dozens of countries notifying them of the reciprocal tariff rate to be imposed on their goods from Aug. 1. These rates will apply to almost all exports to the United States and replace a 10% baseline rate now being charged. Reciprocal tariffs will not be charged on goods subject to separate sector-specific tariffs, which include a 25% duty on vehicles and auto parts and a 50% duty on steel and aluminum. Tariff talks between the United States and Japan have been intense but fruitless, with no concrete results being reported in three months of negotiations. The two sides have remained far apart. Public comments have indicated that they might not have even agreed on a starting point for talks, with Japan insisting on a rollback of tariffs already imposed as a precondition for discussions and the United States insisting that only the reciprocal tariffs were on the agenda. Tokyo has been especially focused on the duty being imposed on autos and has said that this remains its top priority. Trump criticized Japan on a number of occasions in recent weeks, saying that it's 'tough' and 'spoiled' and that it has refused to buy American products, especially rice and cars. At one point, he suggested that he would end trade talks and simply raise the tariff rate on Japanese goods to as high as 35%. Upper House elections will be held in Japan on Sunday, and polls indicate that the race could be close. Ishiba has been under considerable pressure to hold the line in talks with the United States and could continue to face pressure after the vote if new coalition partners are needed to govern. U.S. Treasury Secretary Scott Bessent, who was appointed by Trump to lead negotiations with Japan in April, is set to visit the 2025 Osaka Expo this weekend. He might hold a meeting with Ishiba during the trip, according to news reports. Ryosei Akazawa, Japan's chief tariff negotiator, on Tuesday declined to confirm a meeting with Bessent or any planned meetings on trade with the United States.
ABC News
09-07-2025
- Business
- ABC News
Donald Trump reveals more tariffs to be imposed on imports from August 1
Donald Trump has unveiled a new tranche of tariffs to be imposed on countries' goods from next month. From August 1, imports from the countries will face levies unless they can cut a deal with the Trump administration. Each had faced the prospect of significant tariffs from July 9, but the implementation of the so-called reciprocal tariffs was delayed by three weeks until August 1. The latest letters were almost identical to those sent to other countries on Monday, justifying the tariffs as a response to trade deals the White House said were unfair and "unfortunately, far from Reciprocal". "Brazil, as an example, has not been good to us, not good at all," Mr Trump told reporters at an event with West African leaders at the White House. "We're going to be releasing a Brazil number, I think, later on this afternoon or tomorrow morning." He said the tariff rates announced this week were based on "very, very substantial facts" and past history. For now, 20 countries have received letters, including key US allies Japan and South Korea, as well as Indonesia, Bangladesh and Thailand. If counterparts changed their trade policies, Washington might consider an adjustment to its stance, Mr Trump wrote. The latest developments in his tariff policy came after he announced fresh levies on copper and forecast higher tariffs on pharmaceutical imports to the US. Mr Trump delayed implementing his so-called Liberation Day tariffs amid reports from several US officials that a number of deals were close to being signed. He had wanted 90 deals in 90 days, but managed to seal only two — one with Vietnam and one with the United Kingdom. Asian nations with close links to China have so far been a major target of the US president's letters. However major trading partners, including the European Union, are yet to receive a letter. An EU spokesperson said on Wednesday that the bloc wanted to strike a deal with the US "in the coming days" and it had shown readiness to reach an agreement in principle. Mr Trump on Tuesday said he was "probably a day or two days off" from sending communications to the EU outlining new rates. Diplomats have said that negotiations for the 27-nation bloc could continue until August 1. The EU expects Mr Trump to keep a 10 per cent baseline tariff on its goods, with exemptions for critical sectors such as aeroplanes, spirits and cosmetics, diplomats told AFP this week. ABC/wires
Times of Oman
09-07-2025
- Business
- Times of Oman
Trump to announce new trade tariffs for "a minimum of seven countries"
Washington DC: A day after Donald Trump announced reciprocal tariffs on 14 countries, two days ahead of his deadline day of July 9, the US President on Tuesday stated that his administration will be revealing a minimum of seven countries that the US will do trade with on Wednesday morning. In a post on Truth Social, the US President further stated that the names of additional countries will also be released by Wednesday afternoon. "We will be releasing a minimum of 7 Countries having to do with trade tomorrow morning, with an additional number of Countries being released in the afternoon. Thank you for your attention to this matter! " Trump stated. Earlier on Monday (local time), the US President shared letters sent by his administration to 14 countries, informing them of the reciprocal tariffs that will take effect from August 1. He later also asserted that there will be no extensions to this deadline day and that "all money will be due and payable starting AUGUST 1, 2025 - No extensions will be granted." Trump first shared the letters sent to Japan's Prime Minister Fumio Kishida and South Korea's President Yoon Suk-yeol. Around two hours later, he announced that similar letters had been sent to Malaysia, Kazakhstan, South Africa, Myanmar, and Laos. Later, he shared tariff letters sent to leaders of other countries, including Thailand, Bangladesh, Indonesia, Tunisia, Bosnia and Herzegovina, Serbia and Cambodia. In the letters written to the South Korean President and the Japanese Prime Minister, Trump stated that Japan and South Korea will face a 25 per cent tariff from August 1. Meanwhile, Thailand and Cambodia each will face a tariff of 36 per cent, while Bangladesh and Serbia will each be hit with a tariff of 35 per cent. Trump also mentioned that Malaysia and Kazakhstan will each face 25 per cent tariffs, with Myanmar and Laos facing a 40 per cent tariff on their goods exported to the US. Indonesia will face a tariff rate of 32 per cent, and imports from South Africa and Bosnia and Herzegovina will be subject to 30 per cent tariffs on August 1. According to his letters, Tunisia will face a tariff of 25 per cent. When asked if he is firm on his August 1 deadline for US tariffs, Trump stated that he was "firm but not 100 per cent firm". "I would say firm but not 100 per cent firm. If they call up and they say we would like to do something differently, we will be open to that," he stated.
Yahoo
08-07-2025
- Business
- Yahoo
Trump announces new tariffs of up to 40% on a growing number of countries
President Donald Trump cranked up the pressure Monday on America's trading partners, firing off letters to heads of several countries, informing them of their new tariff rate. But at the same time, Trump took some of the edge off by signing an executive action Monday to extend the date for all 'reciprocal' tariffs, with the exception of China, to August 1. Those 'reciprocal' tariffs were expected to go into effect Wednesday. In some cases, the letters Trump sent specify new 'reciprocal' tariff rates that are higher or lower compared to April levels. Trump was not definitive when asked if the new August 1 deadline was 'firm' ahead of a dinner at the White House on Monday night. 'I would say firm, but not 100% firm. If they call up and they say would like to do something a different way, we're going to be open to that.' Japan's Prime Minister Shigeru Ishiba and South Korea's President Lee Jae-myung were the first recipients of Trump's letters. Both countries will face a 25% tariff come August 1, according to the letters, but both nations said on Tuesday they plan to engage in further talks with the US, with Japan saying it was working towards a trade deal. Trump announced similar letters were sent to Malaysia, Kazakhstan, South Africa, Myanmar and Laos, informing their leaders of new tariff rates as high as 40%. Then later in the day, he posted seven new letters sent to leaders of Tunisia, Bosnia and Herzegovina (which is set to reach a 30% tariff), Indonesia, Bangladesh, Serbia, Cambodia and Thailand, putting the running total at 14 letters delivered on Monday. In the letters, Trump said he takes particular issue with the trade deficits the United States runs with them, meaning America buys more goods from there compared to the amount that American businesses export to those countries. Trump also said the tariffs would be set in response to other policies that he deems are impeding American goods from being sold abroad. He encouraged country leaders to manufacture goods in the United States to avoid tariffs. This comes ahead of his initial 12:01 a.m. ET July 9 deadline for countries to make deals or face the threat of higher tariffs. That date marks the end of the pause on 'reciprocal' tariffs, which briefly went into place in April. Since then, impacted countries have faced a minimum 10% tariff. In all 14 letters, Trump threatened to raise tariffs even higher than the specified rates if a country retaliated against the United States with tariffs of their own. Trump said these rates would be 'separate from all Sectoral Tariffs,' meaning, for instance, the new tariff won't be stacked on top of the current auto tariff of 25%, the White House confirmed. That would apply to any future sector-specific tariffs, too, a White House official said. Despite the many trade qualms Trump has broadcast as having with the European Union, prompting him to threaten higher tariffs on several occasions, the trading bloc appears to have not received a letter from him. 'We're not going to comment on letters that we haven't received,' Olof Gill, a European Commission spokesperson, told reporters Monday afternoon. 'My understanding is that we can now expect an extension of the current status quo until August 1 to give further time for the EU and the US to reach an agreement in principle on a mutually beneficial agreement that works for both sides,' Simon Harris, Irish Minister for Foreign Affairs and Trade, said in a statement on Monday. Many of the nations that have received the letters have welcomed the extension of the deadline, and appear eager to continue discussions with the US to strike better deals. Japan's Ishiba convened a cabinet task force on Tuesday morning and voiced Tokyo's deep 'regret that the U.S. government has imposed additional tariffs and announced plans to raise tariff rates.' He said the country would continue negotiations with the United States to seek a bilateral trade deal that benefits both countries. South Korea's finance ministry said in a statement that it would monitor developments closely, but warned that if market fluctuations become 'excessive' the government would 'take immediate and bold action in accordance with its contingency plans,' though it did not immediately detail what that action may entail. Thailand is still facing tariffs at the higher end, at 36%, but its finance minister Pichai Chunhavajira told reporters on Tuesday that he's confident Bangkok will be able to negotiate a more competitive levy, saying it has submitted a proposal to the US in 'good faith.' Malaysia, facing a 25% tariff rate, also plans to 'continue discussions' with the US to reach a 'balanced and mutually beneficial trade agreement,' its trade ministry said on Tuesday, Reuters reported. South Africa's president Cyril Ramaphosa said diplomatic efforts would continue, but urged local businesses to accelerate their diversification efforts, in a post on X. Ramaphosa also said that the US had based the 30% tariff rate for South Africa on an 'inaccurate representation' of trade data. CNN has reached out to the foreign ministries of Indonesia, Cambodia, Myanmar and Kazakhstan , and the commerce ministry of Bangladesh for comment. Collectively, the US bought $465 billion worth of goods last year from the 14 countries that received letters on Monday, according to US Commerce Department figures. Japan and South Korea, America's sixth- and seventh-largest trading partners, accounted for 60% of that, shipping a total of $280 billion worth of goods to the US last year. The prospect of higher tariffs on goods could translate into higher prices for American consumers. Among the top goods America imports from South Korea and Japan, for example, are cars, auto parts, semiconductors, pharmaceuticals and machinery. Trump has placed or threatened to levy industry-specific tariffs on many of these goods. In April, Japan was set to face a 24% tariff, while South Korea was set to face a 25% tariff. Now, both face the same 25% rate. While the other countries ship less to the US compared to Japan and South Korea, in many cases they are among the top foreign sources of goods. For instance, South Africa, which is set to face 30% tariffs, accounted for roughly half of the platinum the US imported from other countries last year and was the top foreign supplier of it. Malaysia, which is set to face a 24% tariff versus the 25% rate Trump announced in April, was the second-top source of semiconductors shipped to the US last year, with Americans purchasing $18 billion worth of them from there. Meanwhile, Bangladesh, Indonesia and Cambodia are top manufacturing hubs for apparel and accessories. Trump's letter to Cambodia's prime minister threatened a tariff rate of 36%, 13 percentage points lower than what had been in place in April, before it was paused. Stocks dropped lower midday after Trump announced the first batch of letters and continued to fall as Trump announced tariffs of varying rates from 25% to 40% on countries including Myanmar, Malaysia, Kazakhstan, Laos and South Africa. Despite Trump saying country-specific tariffs won't be stacked on top of sectorial ones, shares of auto companies that have a heavy manufacturing presence in Japan and South Korea declined sharply. US-listed shares in major Japanese automakers Toyota, Nissan and Honda dropped by 4%, 7.16% and 3.86%, respectively. Those declines, however, may reflect the increased likelihood of Trump potentially raising tariffs on cars from the two countries should they retaliate against the general 25% tariffs, were they to go into effect, by slapping higher tariffs on American goods. 'These Tariffs may be modified, upward or downward, depending on our relationship,' Trump ended the letters before signing off. The Dow closed lower by 422 points, or 0.94%. The S&P 500 fell 0.79% and the tech-heavy Nasdaq Composite fell 0.92%. The three major indexes posted their worst day in about three weeks. Meanwhile, stocks in Asia started Tuesday trading flat. CNN's Yoonjung Seo, Junko Ogura, Kocha Olarn, Aishwarya S. Iyer contributed reporting
NHK
04-07-2025
- Business
- NHK
Trump to send out letters with new tariff rates
US President Donald Trump says his administration is sending out letters to notify countries of the rates for what he calls reciprocal tariffs. Trump says the letters will specify what each nation will have to pay, such as "a 20 percent or 25 percent or 30 percent tariff." He added that Washington will be "sending some letters out starting probably on Friday, maybe 10 a day." Trump told reporters on Thursday there are "more than 170 countries" that the US needs to reach agreements with and these deals are "very much more complicated." He already said on Tuesday that he will be sending a letter to Japan. He suggested the rate will be 30 or 35 percent, or whatever Washington asks Japan to pay, saying Japan has been unfair in its trade with the US. US Treasury Secretary Scott Bessent said in an interview with CNBC on Thursday that Japan is "in a tough spot right now." Bessent said the July 20 Upper House election gives it "a lot of domestic constraints in terms of doing a deal." The pause on the "reciprocal" tariffs is due to expire next Wednesday. The world is waiting to see what Trump will decide.
