On Monday, President Trump signed the letters “Take it or leave” to 12 countries and slap new 10% tariffs to 70% for their exports to the US, which these taxes kick in August 1, unless traded on Wednesday.
1st August tariff bomb sent to nations without trades
Finance Minister Scott Bessnt warned 100 smaller nations to face the April original tariffs unless they rush. “If you don’t move things, you’ll be boomerang back,” he said on Sunday. Only the United Kingdom and Vietnam still have shops, everyone else is facing chaos. Businesses around the world panic and are not sure if their goods will be taxed.
EU and Japan are trying as Vietnam, the United Kingdom will gain temporary relief
Vietnam has relatively gained the best solution: its exports to America face 20%of tariffs (46%drop), but “exceeded” Chinese goods will be hit by 40%. The United Kingdom maintained its 10% rate, but opened its markets to American cars and aircraft. Meanwhile, Trump was called “spoiled” and can face 35% of tariffs, higher than 24% of April.
The EU is sweating over endangered 50% of their car and cheese taxes. The EU leaders argued all weekend: Germany wants any agreement to avoid disaster, while France refuses “bad trade”. India could get mercy at the last minute, but Trump grunted, “Letters are easier than interviews”.
Canada fled letters, at least for now. Ambassador Pete Hoekstra promised “real shop” until July 21, but warned Canada that some tariffs could still pay. Thailand offered a last minute agreement: more American farmer sales and boeing nozzles buy to avoid 36% of tariffs. South Korea begged for more time, even offering a factory partnership.
White House advisor Kevin Hassett indicated that some countries could get an extension of the deadline if they were “close to the agreement”, but Trump gave off, “not really” when he asked about flexibility. Confusion is crushing businesses. “You can’t plan your cost when the rules are changing a week,” Clark Packard said.
The tariffs could do everything from electronics to food more expensive for Americans. Although Trump claims that “foreign countries pay”, experts confirm to US importers’ account billing and handing over to consumers. Since April, there has been a 10% basic tariff, but jumps as the potential of Japan 35% will cause a higher price increase.
Legal battles could save some: the US court has already decided most of the illegal tariffs, but the decision is suspended. Chaos has continued so far. “We’ll see,” Bessnt teased about Wednesday, adding that offers could appear “very quickly”. But with 200 or more business partners is likely to face taxes or empty promises.
(Tagstotranslate) Trump tariffs closing
