President Donald J. Trump is back on offense in global trade, announcing a sweeping new wave of tariffs ranging from 25% to 40% on 14 countries — and warning more letters are coming. The goal: bring back manufacturing, reduce trade deficits, and punish countries exploiting U.S. markets.
On Monday, Trump signed an executive order delaying the tariffs until August 1, giving targeted nations a final deadline to negotiate. White House Press Secretary Karoline Leavitt confirmed additional countries will receive tariff letters in the days ahead.
Who’s Getting Hit?
Here’s the initial list of countries receiving formal warning letters, which the White House posted to Truth Social:
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25%: Japan, South Korea, Malaysia, Kazakhstan, Tunisia
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30%: South Africa, Bosnia
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32%: Indonesia
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35%: Bangladesh, Serbia
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36%: Thailand, Cambodia
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40%: Laos, Myanmar
Trump emphasized that these tariffs are in addition to any sectoral tariffs, and made clear that any retaliation will be met with higher duties.
“Not 100% Firm” — But Not Bluffing Either
Speaking to reporters, Trump called the letters a “strong nudge” but left room for deals:
“The notifications aren’t 100% firm. But they are 100% serious.”
Trump says negotiations are ongoing with several countries, including India, where a deal is reportedly close. The U.S. finalized a trade agreement with Vietnam last week — now considered the “benchmark” for others hoping to avoid tariffs.
South Korea & Japan Get the First Strike
The first two letters, addressed to Japan and South Korea, were made public on Truth Social. Both will face a 25% blanket tariff on all goods entering the U.S. starting August 1.
From the letter to South Korea:
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The U.S. views the relationship as non-reciprocal and imbalanced.
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The 25% tariff applies to all Korean goods, unless manufactured inside the U.S.
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Any Korean retaliation will result in even higher tariffs.
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U.S. encourages Korea to remove trade barriers or risk economic consequences.
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Deficit framed as a national security threat.
From the letter to Japan:
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All Japanese imports to face a 25% tariff beginning August 1.
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Tariff separate from sector-specific rates like autos and tech.
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Japan’s protectionist policies are cited as longstanding abuses.
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U.S. offers tariff relief if Japan opens its markets and reshuffles trade rules.
Market Reacts: Sell First, Negotiate Later
Within hours of the announcement, U.S. markets dipped, with the S&P 500 and Nasdaq falling to session lows. Traders interpreted the move as a sign that Trump is serious about restoring fair trade — even if it rattles Wall Street.
Still, some analysts suggested the August 1 extension offers a chance for cooler heads to negotiate before tariffs hit. Treasury Secretary Scott Bessent said deals are “very close” with several countries, and that more major announcements are coming soon.
BRICS Warning: Align With Enemies, Pay More
In a social media post overnight, Trump put the globalist elite on notice:
“Any Country aligning themselves with the Anti-American policies of BRICS will be charged an ADDITIONAL 10% Tariff.”
This came after a BRICS summit in Rio, where member nations — including China and India — pushed an agenda directly opposed to U.S. foreign policy.
JPMorgan: Japan and South Korea Could See Real Pain
JPMorgan strategist Rie Nishihara estimates that a reciprocal 24% tariff could shave off 0.4–0.9% from Japan’s GDP and lead to a 7% drop in 2025 earnings for the TOPIX index. In a worst-case scenario, the Nikkei 225 could fall to 34,000.
In South Korea, JPM analyst Rajiv Batra said Tech and Discretionary sectors, with 40% and 33% U.S. exposure, could see EPS declines of 7% and 12%, respectively, if tariffs hold.
