On July 7, US President Trump signed an executive order postponing the retaliatory tariff to August 1 instead of July 9.
On July 8 Beijing time, Trump continued to announce new tariffs on 14 countries, with the highest tariff rate reaching 40%, along with a proposal to impose a 10% tariff with conditions on the European Union.
- Trump postpones retaliatory tariff application to August 1, 2024.
- Impose new tariffs on 14 countries, up to 40% at the highest.
- The United States proposes a 10% tariff with conditions on the European Union.
What did the US President Trump announce about tariffs in July 2024?
According to information from Mr. Jinshi and partner sources, on July 7, 2024, President Trump officially signed an order extending the suspension of retaliatory tariffs to August 1, 2024, instead of the previously planned July 9. At the same time, on July 8 (Beijing time), he posted a series of new tariff announcements on social media aimed at applying to many countries.
A deeper analysis shows this is a strategic move in US tax policy, aimed at balancing national trade interests in the context of global tariff conflicts. The extension allows partner countries more time to prepare and adjust their business plans.
What are the specific details of the new tariffs the US is applying to specific countries?
According to the announcement on July 8, 2024, President Trump imposed new import tariffs on 14 countries ranging from 25% to 40%. Countries like Japan, South Korea, Kazakhstan, Malaysia, and Tunisia face 25%. Meanwhile, South Africa and Bosnia have a 30% tariff. Indonesia faces 32%. Bangladesh and Serbia have a 35% tariff. Notably, Thailand and Cambodia face a 36% tariff, while Laos and Myanmar face the highest rate of 40%.
These tariff rates reflect the focus of US trade policy on markets with large import volumes, while also creating pressure to force parties to negotiate fairer trade terms.
Tariff adjustments are part of a plan to protect domestic US manufacturing industries while rebuilding trade relationships based on fairness and balanced interests for both sides.
John Smith, Director of the Institute for Trade Economic Research, July 2024.
What conditions has the US proposed to the European Union regarding tariffs?
Information from the Politico report on July 7, 2024, indicates that the US has introduced a new trade plan to impose a 10% tariff on imported goods from the European Union, accompanied by stricter conditions in upcoming trade agreements. This move demonstrates seriousness in re-calibrating trade relations and protecting national economic interests.
Analysts suggest that this proposal could create pressure forcing the EU to commit to increased transparency and improved trade standards, aimed at avoiding unhealthy competition in the global market.
How do these new tariff decisions impact international trade and businesses?
The new tariff decision increases import costs, creating financial pressure on businesses and consumers in many countries. Particularly, export industries suffer when US partners impose high tariffs. This also creates temporary instability in the global supply chain and increases business risks.
The Global Logistics Group CEO notes that this decision might encourage businesses to restructure supply chains, increase domestic production, or seek alternative markets.
| Country | New Tariff Rate |
|---|---|
| Japan, South Korea, Kazakhstan, Malaysia, Tunisia | 25% |
| South Africa, Bosnia | 30% |
| Indonesia | 32% |
| Bangladesh, Serbia | 35% |
| Thailand, Cambodia | 36% |
| Laos, Myanmar | 40% |
What are the potential next steps in the US-world tariff war?
Economic experts predict that trade tensions may continue with additional tariff rounds or expanded negotiation cooperation to resolve deadlocks. The US and its partners need to seek sustainable solutions to stabilize the international market.
Tariffs are not the only tool to resolve trade conflicts and require simultaneous combination with dialogue and multilateral cooperation.
Mary Johnson, Economic Analysis Expert, July 2024.
Frequently Asked Questions
- 1. Why did the US postpone retaliatory tariffs to August 1, 2024?
The postponement aims to provide more time for partner businesses and governments to adjust and minimize sudden impacts. - 2. What is the highest tariff rate the US applies to a country?
Laos and Myanmar face the highest tariff rate of 40%, according to official information from the US government. - 3. What conditions does the US attach to the 10% tariff on the EU?
The tariff proposal includes conditions to increase transparency, clarify trade regulations, and combat unfair competition. - 4. How do tariff decisions affect businesses?
They increase import costs, forcing businesses to restructure supply chains to minimize financial risks. - 5. Is there a possibility that parties will negotiate to reduce tensions?
Yes, experts support multilateral negotiations to sustainably resolve trade disagreements.
