New tariffs set on 14 trading partners
A new slate of tariffs will begin on August 1, with rates ranging from 25% to 40% on imports from Japan, South Korea, Thailand and more


What happened
President Donald Trump Monday announced a new slate of tariffs scheduled to begin on August 1. Rates range from 25% to 40% tariffs on imports from 14 countries, including Japan, South Korea, Thailand and Bangladesh.
Who said what
It's "hard for me to circle the square" of hitting "two of our closest allies," Japan and South Korea, with tariffs, Wendy Cutler, the vice president of the Asia Society Policy Institute, told The Washington Post. The U.S. has "benefited from cooperation with them."
Trump's announcements come as BRICS nations meet for their annual summit in Brazil, where they released a joint statement voicing "serious concerns about the rise of unilateral tariff and nontariff measures." Trump responded by threatening an additional 10% tariff for "any country aligning themselves with the anti-American policies of BRICS."
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What next?
Although Trump has extended his tariff deadline, originally set to take effect Wednesday, the EU has been "aiming for an agreement in principle by Wednesday," said The Wall Street Journal. Trump had threatened to raise EU import fees to 50% unless a deal is struck.
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Rafi Schwartz has worked as a politics writer at The Week since 2022, where he covers elections, Congress and the White House. He was previously a contributing writer with Mic focusing largely on politics, a senior writer with Splinter News, a staff writer for Fusion's news lab, and the managing editor of Heeb Magazine, a Jewish life and culture publication. Rafi's work has appeared in Rolling Stone, GOOD and The Forward, among others.
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