Trump imposes tariffs on some countries
President Trump began imposing tariffs on some countries, sending them letters with new rates and warnings about possible changes.
According to Axios, Trump published copies of the letters on Truth Social, initially starting with South Korea and Japan, which faced a 25% tariff starting August 1. Similar letters were later sent to Myanmar (40% tariff), Laos (40%), South Africa (30%), Kazakhstan (25%), and Malaysia (25%).
The letters contain strict demands: 'If you want to open your closed markets to the US, eliminate your tariff and non-tariff barriers, we may consider changes in this letter.'
Trump also warned of possible escalation: 'If you decide to raise tariffs, any amount by which you increase them will be added to our 25%.'
Financial markets reacted with a drop: the S&P 500 lost nearly 1%, and the Russell 2000 fell by 1.5%.
President Trump began setting tariffs on certain countries, starting with Asia and Africa, with the aim of stimulating open trade relations and protecting American interests. The reaction of financial markets indicates concern and instability regarding these new measures from the administration.