At least seven countries’ imports are set to face steep blanket tariffs starting Aug. 1, President Donald Trump revealed Monday.
The president, in a series of social media posts, shared screenshots of form letters dictating new tariff rates to the leaders of Japan, South Korea, Malaysia, Kazakhstan, South Africa, Laos and Myanmar.
Goods imported to the U.S. from Japan, South Korea, Malaysia and Kazakhstan are now set to face 25% tariffs, according to the letters Trump posted. South African goods will be subject to a 30% U.S. tariff, and imports from Laos and Myanmar will face a 40% duty, Trump’s Truth Social posts showed.
The letters signed by Trump add that the U.S. will “perhaps” consider adjusting the new tariff levels, “depending on our relationship with your Country.”
The letters are the first to be sent before Wednesday, the day his so-called reciprocal tariffs on dozens of countries were scheduled to snap back to the higher levels he had announced in early April.
White House press secretary Karoline Leavitt suggested that 14 letters will be sent out Monday, with even more set for the coming days. She also said that Trump would sign an executive order to delay the Wednesday deadline until Aug. 1.
U.S. financial markets hit new session lows after Trump released the additional letters. The Dow Jones Industrial Average shed 637 points, or 1.4%. The S&P 500 sank 1.2%, and the Nasdaq Composite tumbled 1.2%.
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