Trump tariffs live updates: Trump sets August tariff rates on Japan, South Korea, and more in 14-letter spree
President Trump on Monday posted a barrage of letters he sent to country leaders, saying he would impose an array of tariffs similar to levels he announced in April. The most significant were letters to the leaders of Japan and South Korea that informed them of 25% tariffs on imports from their respective countries.
In all, Trump posted 14 letters on Monday, from countries including South Africa, Malaysia, Thailand, outlining tariffs ranging from 25% to 40%.
The White House said Trump on Monday signed an executive order delaying the implementation of those tariffs, as well as the sweeping "reciprocal" tariffs on most trade partners, to Aug. 1.
Stocks fell on Monday, beginning a steeper descent after Trump began posting the letters, as markets braced for a return to potential tariff turmoil over the coming days and weeks.
The moves highlighted the topsy-turvy nature of the president's trade policy, as they suggest a looming return to the steep levels announced in April but also theoretically allow more time for negotiation.
Thus far, however, since Trump's April pause, the US has only clinched trade deals with the UK and Vietnam, as well as a framework with China.
Here is where things stand with various other partners:
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China: The US has eased export restrictions on China for chip design software and ethane, a sign that trade tensions are calming between the two countries after they agreed to a framework to move toward a larger trade deal.
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Vietnam: Trump said he had reached a trade deal with Vietnam, one that will see the country's imports face a 20% tariff — lower than the 46% he had threatened in April. He also said Vietnamese goods would face a higher 40% tariff "on any transshipping" — when goods shipped from Vietnam originate from another country, like China.
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European Union: The EU has signaled it is willing to accept a 10% universal tariff on many of its exports but is seeking exemptions for certain sectors. The bloc is reportedly racing to clinch a deal this week.
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Canada: Canada has scrapped its digital services tax that was set to affect large US technology companies. The White House said trade talks between the two countries had resumed, with a deal by mid-July in focus.
Read more: What Trump's tariffs mean for the economy and your wallet
Here are the latest updates as the policy reverberates around the world.
LIVE 1361 updates
Mon, July 7, 2025 at 9:02 PM UTC Brett LoGiurato Trump just unveiled a new batch of letters
President Trump just posted his latest batch of letters informing country leaders of the tariffs their goods' exports to the US will face.
Per Yahoo Finance's Ben Werschkul, here's a look at the countries included in this batch — and how their newly announced rates compare to April's:
Thailand:
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April: 36%
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Now: 36%
Cambodia:
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April: 49%
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Now: 36%
Serbia:
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April: 37%
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Now: 35%
Bangladesh:
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April: 37%
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Now: 35%
Indonesia:
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April: 32%
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Now: 32%
Bosnia and Herzegovina:
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April: 35%
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Now: 30%
Tunisia:
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April: 28%
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Now: 25%
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- Mon, July 7, 2025 at 6:55 PM UTC Grace O'Donnell
A focus on South Korea and Japan
Yahoo Finance's Ben Werschkul writes:
- Mon, July 7, 2025 at 6:25 PM UTC Grace O'Donnell
Trump releases additional tariff letters for Myanmar, Laos, South Africa, Kazakhstan, and Malaysia
President Trump just posted additional letters revealing new tariff rates for five additional countries. The letters contain similar language and terms urging foreign companies to move production to the US and warning that any tariff increases will face retaliation.
Per Trump, the US will impose tariffs on the following countries starting on Aug. 1:
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Myanmar: 40% (below the 44% set under the "Liberation Day" program)
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Laos: 40% (versus 48% previously)
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South Africa: 30% (versus 30% previously)
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Kazakhstan 25% (versus 27% previously)
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Malaysia: 25% (versus 24% previously)
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- Mon, July 7, 2025 at 5:40 PM UTC Grace O'Donnell
Trump to send 12 tariff letters, delay July 9 deadline today
Approximately 12 countries will receive letters from President Trump today informing them of new tariff rates, White House press secretary Karoline Leavitt stated in a press briefing on Monday. The remaining countries will also receive letters in the coming days and weeks.
Leavitt declined to say which countries will receive the letters today and said that all missives will be posted to Trump's Truth Social account. So far, the president has posted two letters addressed to the leaders of Japan and South Korea outlining 25% tariffs.
President Trump will also sign an executive order delaying the July 9 deadline for all countries to Aug. 1 later today, Leavitt stated.
Mon, July 7, 2025 at 5:00 PM UTC Jenny McCall EU still divided over Trump tariff response as deadline looms
The EU faces a tough challenge this week — either swallow higher tariffs to avoid a trade war with the US or retaliate to put pressure on the US to compromise.
The FT reports:
Read more here.
- Mon, July 7, 2025 at 4:38 PM UTC Grace O'Donnell
Trump posts letters to Japan, South Korea outlining 25% tariff rate
President Trump posted two nearly identical letters addressed to the leaders of Japan and South Korea outlining new tariff rates on Monday.
In the letters, Trump said he will place a 25% tariff on imports from the two countries beginning Aug. 1. Any goods that are transshipped through those countries to evade higher tariffs will face the higher duties based on the country of origin.
Japan faced a 24% tariff rate in April before the tariff pause, while South Korea had a 25% tariff rate applied to its goods. Trump claimed "longterm, and very persistent" trade deficits were the basis for reordering the trade relationships.
"There will be no Tariff if Japan, or companies within your Country, decide to build or manufacture product within the United States and, in fact, we will do everything possible to get approvals quickly, professionally, and routinely — In other words, in a matter of weeks," Trump wrote in the letter to Japan posted to his Truth Social account.
Trump also threatened that if either country raises its tariffs on US goods, the US will retaliate by raising tariffs by the same amount.
More letters are expected to come today. Read more here.
- Mon, July 7, 2025 at 4:30 PM UTC Jenny McCall
EU looks to secure trade deal before July 9 tariff deadline
The European Union said on Monday that they are working towards securing a bare-bones trade deal with the US before the tariff deadline of July 9 after President Trump and Treasury Secretary Scott Bessent said that tariffs on US trading partners will revert back to their April rates next month.
The Wall Street Journal reports:
Read more here.
- Mon, July 7, 2025 at 4:00 PM UTC Jenny McCall
There are hundreds of temporary tariff-free zones — and they’re in the US
Companies are scrambling to find ways around President Trump tariffs, with some turning to Depression-era policy to avoid hikes on goods imported into the US. One such example, is the use of tariff free zones, which allows businesses to avoid paying tariffs on imports until they want to.
CNN reports:
Read more here.
- Mon, July 7, 2025 at 3:35 PM UTC Grace O'Donnell
Where things stand with America's top 10 trading partners
As the next tariff deadline approaches, the graphic below shows how tariffs have changed over the past several months and where they could go once the tariff pause is lifted.
So far, the US has struck two trade deals (with the UK and Vietnam), instituted an informal pact with China, and is in negotiations with its other major trading partners. President Trump has promised to send countries letters outlining new tariff rates, which could determine the next phase of negotiations once the tariff pause expires or is extended until August.
- Mon, July 7, 2025 at 2:30 PM UTC Jenny McCall
Mercedes-Benz Q2 sales fall 9% impacted by tariffs
President Trump's tariffs have started to hit German carmaker Mercedes-Benz, who said on Monday that its second-quarter unit sales of cars and vans fell 9%.
Reuters reports:
Read more here.
- Mon, July 7, 2025 at 1:00 PM UTC Jenny McCall
Trump tariffs sour the fortunes of South Africa’s citrus farmers
Bloomberg News reports:
Walk down the aisles of a Trader Joe’s or Whole Foods Market in the US, and chances are many of the piles of oranges, lemons, limes and grapefruit will be labeled “Produce of South Africa.”
Read more here.
- Mon, July 7, 2025 at 12:39 PM UTC Grace O'Donnell
Why Trump's 'July 9' tariff deadline appears to be more like Aug. 1
Yahoo Finance's Ben Werschkul reports:
Read more here.
- Mon, July 7, 2025 at 12:17 PM UTC Jenny McCall
India's 'best offer' on trade is now in Trump's hands
India said on Monday that it has made its best offer to the US when it comes to trade and the fate of the deal now lies in the hands of President Trump.
Bloomberg News reports:
Read more here.
- Mon, July 7, 2025 at 12:00 PM UTC Jenny McCall
US consumers plan to cut back this summer as tariff worries weigh on spending: Poll
US consumers are already thinking twice about how much they plan to spend this summer, with many costing up the price of travel and dining out, according to a Yahoo Finance/Marist Poll. The majority of Americans are concerned about their personal finances due to uncertainty over tariffs.
Yahoo Finance's senior reporter, Brooke DiPalma delves into the worries US consumers now face, as tariffs hit.
Read more here.
- Mon, July 7, 2025 at 11:20 AM UTC Jenny McCall
Trump letters and who's talking: State of play as tariff deadline nears
President Trump said on Saturday that his administration is very close to finalizing several trade agreements in the coming days and will start to notify other countries of higher tariff rates by July 9, which will take effect on August 1.
Trump promised to have 90 deals in 90 days, but has only managed to secure a handful of agreements. So whats the state of play for US trading partners?
Reuters reports:
Read more here.
- Mon, July 7, 2025 at 11:00 AM UTC Jenny McCall
Portugal sees EU, US reaching deal with 'very low' tariffs
Portugal has waded into the President Trump tariff saga, with its Finance Minister Joaquim Miranda Sarmento saying that he now sees the European Union and the US reaching an agreement with tariffs that will potentially fall below 10%, allowing trade to flow more freely.
Bloomberg News reports:
Read more here.
- Mon, July 7, 2025 at 10:43 AM UTC Jenny McCall
Thailand offers US more trade concessions to avert 36% levy
Bloomberg News reports:
Read more here.
- Mon, July 7, 2025 at 9:01 AM UTC Jenny McCall
Trump warns of 10% tariff for ‘anti-American’ BRICS policies
In a scathing attack, President Trump took to Truth Social to target any country that aligns itself with what he called "anti-American" policies, which he said are being pushed by the BRICS nations.
The BRICS countries, which include Brazil, China, Russia, and India, met over the weekend and condemned the attacks on Iran as well as unilateral tariffs.
In a joint statement, leaders took a swipe at Trump’s tariffs, saying they “voice serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO rules.”
Trump posted on Truth Social and said he would put an additional 10% tariff on any country that supports the "anti-US" stance of BRICS.
“Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff,” Trump said in a Truth Social post. “There will be no exceptions to this policy.”
Bloomberg News reports:
Read more here.
- Sun, July 6, 2025 at 3:28 PM UTC Reuters
Bessent mentions new August 1 date for trade partners to expect tariffs
US Treasury Scott Bessent said Sunday that the Trump administration is close to securing trade agreements with several countries ahead of President Trump's self-imposed July 8 tariffs deadline, Reuters reported:
Read more here
- Sun, July 6, 2025 at 2:30 PM UTC Associated Press
China bans European medical devices in latest trade war salvo with EU
(AP) China said Sunday that European medical device companies will be barred from selling to the Chinese government as a countermeasure for the European Union's restrictions on the sale of similar products from China.
European companies will be excluded if the budget for procurement is above 45 million yuan ($6.28 million), according to a notice from the Finance Ministry on Sunday with the restrictions in place the same day. The move will not apply to European companies that have invested in China and that manufacture goods in the country.
China on Friday imposed anti-dumping duties on European brandy, most notably cognac produced in France. While the duties on brandy include several exceptions for major brandy producers, China and the EU have multiple trade disputes across a range of industries. China protested after many European countries levied duties on EVs made in China. Since then, China has also launched investigations into European pork and dairy products.
Read more here
