Trump again delays tariff hikes, announces new rates for several countries

Donald Trump announced plans to step up his trade wars on Monday but delayed raising tariffs on goods from key economies until next month amid what The Guardian described as widespread confusion over his controversial economic strategy.

The US president announced that countries including Japan, South Korea and South Africa would face tariff increases of up to 40% in a new wave of levies starting on August 1. However, there will be no increase on Wednesday as he extended the previous pause.

White House officials also made clear that the new blanket rates levied on all goods imported from certain markets would include, rather than be layered on top of, existing duties levied on certain sectors such as automobiles.

Posting copies of letters addressed to world leaders on social media, Trump announced the following new U.S. tariff rates:

Bangladeshi goods: 35% of US tariff

Bosnia and Herzegovina: 30%

Cambodia: 36%

Indonesia: 32%

Japan: 25%

Kazakhstan: 25%

Laos: 40%

Malaysia: 25%

Myanmar: 40%

Serbia: 35%

South Africa: 30%

South Korea: 25%

Thailand: 36%

Tunisia: 25%

Trump also signed an executive order on Monday extending for 90 days a series of so-called “reciprocal” tariffs first imposed in April, effectively pushing back the deadline for trade talks to Aug. 1.

Asked if the deadline was hard, Trump said: "I would say hard, but not 100 percent hard. If they call and say we'd like to do something differently, we'll be open to that."

Press secretary Carolyn Leavitt said at a press briefing that more letters would be sent later this week. Trump was “close” to making other deals, she added, but “wants to make sure they are the best deals possible.”

Trump officials initially expected to have dozens of deals with key economies by July 9, but have since signaled they would seek an extension to continue negotiations. The letters were largely identical, informing leaders that there would be no tariffs if their countries “choose to manufacture within the United States.”

Trump also threatened higher tariffs if countries imposed additional duties on U.S. exports. “If for any reason you decide to raise your tariffs, whatever amount you decide to raise them by will be in addition to the 25% we charge,” he wrote.

In an earlier post on Truth Social, Trump also threatened to impose an additional 10% tariffs on countries doing business with BRICS nations after the bloc's leaders issued a statement on Sunday expressing "grave concerns about the increase in unilateral tariff measures."

Trump initially announced the so-called reciprocal tariffs in April, on what the White House called “liberation day,” with rates as high as 50% in some countries.

The US has currently reached agreements with three countries: the UK, China and Vietnam, and Minister Bessent says there are more than a dozen countries the US is still trying to negotiate with.

The new August deadline for countries without a deal means an additional three weeks' delay, but also creates fresh uncertainty for importers due to a lack of clarity over tariffs, The Guardian reports.

As the July deadline approaches, Trump officials are rushing to make deals. Simon Harris, the deputy prime minister of Ireland, confirmed that the European Union, which Trump has threatened with 50 percent tariffs, has been granted an extension until Aug. 1 to allow talks to take place.

“I want to be clear that while tariffs of some form are likely to be introduced in the future, introducing them even at a lower rate is bad for consumers, jobs, growth and investment,” Harris said. “We have consistently called for zero tariffs in as many areas as possible, and I know the EU supports this course of action.”

The White House has reached an impasse in talks with Japan despite initial optimism. Trump said on Friday that “it’s much easier to send a letter” and that the proposals are “take it or leave it.”

On Wall Street, the S&P 500 fell 0.8% after Trump released his first letters on Monday. The Dow Jones Industrial Average closed down 0.9%.

While the U.S. stock market has largely recovered from the uncertainty surrounding Trump's trade war, the U.S. dollar remains weakened after months of trade disputes. Earlier this year, the dollar suffered its worst six months in more than 50 years, falling 10.8% since the start of 2025.

British steelmakers are facing a tense wait to see if they will be hit by US tariffs after the UK government said it was trying to broker a deal to protect the industry from Trump's trade war, The Guardian reports.

The US has imposed a 50% tariff on imported steel and aluminium. While the UK has secured a 25% rate cut and is trying to get it down to zero, a deal is not yet done. Downing Street refused to confirm on Monday that it was confident it could end US tariffs on British steel before Trump’s deadline. A UK government spokesman said: “Our work with the US continues to ensure this deal is delivered as soon as possible.”