US President Donald Trump signed an executive order on July 7, extending the date on which "reciprocal tariffs" will take effect to August 1.
Trump also took to his social media platform, "Truth Social," to publicly release letters addressed to 13 world leaders. In these letters, he declared that starting August 1, the US would impose tariffs ranging from 25% to 40% on imports from Japan, South Korea, Malaysia, Kazakhstan, South Africa, Laos, Myanmar, Indonesia, Bosnia and Herzegovina, Bangladesh, Serbia, Cambodia, and Thailand.
The reciprocal tariff plan, first announced on April 2, caused significant financial market volatility in the US. Amid backlash from various stakeholders, Trump announced on April 9 a temporary suspension of the tariffs for certain trade partners, while maintaining a baseline tariff of 10%.
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