While writing letters to 14 nations, including South Korea and Japan, outlining the penalties they must pay, President Donald Trump has postponed raising tariffs on US imports. Trump’s most recent move on international trade coincides with the expiration this week of a 90-day moratorium the White House imposed on some of its most punitive import duties.
In addition to sharing a number of additional letters to international leaders warning of levies starting on August 1, the president reiterated his threat of a 25% tax on goods coming into the nation from South Korea and Japan.
Previously halted, higher tariffs were scheduled to take effect on July 9 after White House officials stated they would try to negotiate trade agreements. Trump announced on social media Monday that he would be modifying tariff rates “upward or downward, depending on our relationship with your country” in letters to the leaders of 14 nations, updating them on his new intentions.
Trump’s tariff rates were largely the same as those he had announced in April during his “Liberation Day” statement, which threatened a slew of additional tariffs on products from other nations. The president contends that imposing tariffs will increase local manufacturing and employment while shielding American companies from overseas competition.
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