Trump announces tariff rates for numerous countries — but not Canada

Thomson Reuters

· Posted: Jul 07, 2025 4:03 PM EDT | Last Updated: 1 hr ago

U.S. President Donald Trump sent letters to governments astir the satellite connected Monday informing them of the tariff rates helium would enforce starting Aug. 1 — though Canada's July 21 deadline to scope a woody appears to remain.

Trump said helium would enforce a 25 per cent tariff connected imports from Japan and South Korea opening adjacent month, marking a caller signifier successful the commercialized warfare helium launched earlier this year.

The letters sent to 14 countries truthful acold — which included smaller U.S. exporters, similar Serbia, Thailand and Tunisia — hinted astatine opportunities for further negotiations while astatine the aforesaid clip informing that immoderate reprisal steps would beryllium met with a like-for-like response.

"If for immoderate crushed you determine to rise your tariffs, then, whatever the fig you take to rise them by, volition beryllium added onto the 25 per cent that we charge," Trump said successful letters to the Japanese and South Korean leaders, which helium posted connected his Truth Social platform.

The higher tariffs instrumentality effect connected Aug. 1 and notably volition not harvester with antecedently announced assemblage tariffs, specified arsenic those connected automobiles and alloy and aluminum.

Later, Trump besides announced the U.S. volition enforce 25 per cent tariffs on Tunisia, Malaysia and Kazakhstan; 30 per cent on South Africa and Bosnia; 32 per cent connected Indonesia; 35 per cent connected Bangladesh and Serbia; 36 per cent connected Cambodia and Thailand; and 40 per cent on Laos and Myanmar.

LISTEN | Tariff tensions remain:

The complaint for South Korea is the aforesaid arsenic Trump initially announced connected April 2, which helium was calling "Liberation Day," portion the complaint for Japan is 1 constituent higher than archetypal announced. A week later, helium capped each of the so-called reciprocal tariffs astatine 10 per cent until July 9 to let for negotiations.

Only 2 agreements person been reached truthful far with Britain and Vietnam.

South Korea said successful a statement it volition measurement up commercialized negotiations with the United States successful the play starring up to Aug. 1 to execute mutually beneficial results and to beforehand some countries' key industries done "renaissance partnership."

There was nary contiguous effect from the Japanese embassy.

White House spokesperson Karoline Leavitt said astatine a media briefing that Trump would motion an enforcement order on Monday formally delaying the July 9 deadline to Aug. 1, adding that "we are close" connected immoderate deals.

The European Union volition not beryllium receiving a letter setting retired higher tariffs, EU sources acquainted with the matter told Reuters connected Monday.

Moves felt by markets

U.S. stocks fell successful response, the latest marketplace ruction since Trump unleashed a planetary commercialized warfare connected his instrumentality to office in January. His moves person repeatedly whipsawed financial markets and sent policymakers scrambling to support their economies.

U.S. stocks were driven to adjacent bear-market territory by his cascade of tariff announcements done the aboriginal outpouring but quickly rebounded to grounds highs successful the weeks aft helium enactment the stiffest levies connected clasp connected April 9.

The S&P 500 was down astir 1 per cent connected Monday, its biggest drop successful 3 weeks. U.S.-listed shares of Japanese automotive companies fell, with Toyota Motor down 4.1 per cent at mid-afternoon trading and Honda Motor disconnected by 3.8 per cent. The dollar surged against both the Japanese yen and the South Korean won.

U.S. Treasury Secretary Scott Bessent said earlier on Monday helium expected respective commercialized announcements to beryllium made successful the next 48 hours, adding that his inbox was afloat of last-ditch offers from countries to clinch a tariff woody by the deadline.

Bessent did not accidental which countries could get deals and what they mightiness contain. Trump has kept overmuch of the satellite guessing on the result of months of talks with countries hoping to avoid the hefty tariff hikes helium has threatened.

Countries person scrambled to hammer retired deals earlier the Wednesday deadline. South Korea and Indonesia dispatched representatives to Washington, portion Thailand submitted a new trade connection offering zero tariffs connected galore U.S. goods.

"We've had a batch of radical alteration their tune successful presumption of negotiations. So my mailbox was afloat past nighttime with a batch of new offers, a batch of caller proposals," Bessent said successful an interview with CNBC. "So it's going to beryllium a engaged mates of days."

Canada apt not affected

While different countries were deed with precocious rates connected Liberation Day, Canada was spared immoderate further symptom connected April 2.

Because the looming commercialized woody that was acceptable for July 9 related to tariffs the U.S. president handed retired 3 months ago, Canada is not nether the aforesaid unit to marque a woody successful the coming days.

Instead, Prime Minister Mark Carney and Trump agreed successful March to negociate a caller information and economical partnership, and person been moving toward that since Carney visited the White House successful aboriginal May. Last month, the 2 leaders acceptable July 21 arsenic the deadline for reaching that deal.

WATCH | Why Carney scrapped the integer work tax: 

However, Canada is inactive being deed with fentanyl-related tariffs. Those 25 per cent tariffs, with a little 10 per cent levy connected vigor and potash, lone use to exports not compliant with the Canada-U.S.-Mexico Agreement (CUSMA) connected trade.

Canada is besides being deed with Trump's tariffs connected steel, aluminum and automobiles.

That doesn't mean Canadians won't consciousness the interaction of Trump's commercialized negotiations this week, however, arsenic precocious tariff rates imposed connected different nations could inactive disrupt the planetary trading system and interaction Canadians indirectly.

EU inactive moving to scope deal

For its part, the European Union inactive aims to scope a trade deal by July 9 aft European Commission President Ursula von der Leyen and Trump had a "good exchange," a commission spokesperson said.

It was not clear, however, whether determination had been a meaningful breakthrough successful talks to stave disconnected tariff hikes on the United States's largest trading partner.

Adding to the pressure, Trump threatened to enforce a 17 per cent tariff connected EU nutrient and agriculture exports, it emerged past week.

He besides enactment members of the BRICS radical successful his sights arsenic its leaders met successful Brazil, threatening an additional 10 per cent tariff connected immoderate state of the informal trading bloc aligning themselves with "anti-American" policies.

The BRICS radical comprises Brazil, Russia, India and China and South Africa on with caller joiners Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates.