New tariffs set on 14 trading partners
A new slate of tariffs will begin August 1 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."
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
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.
-
Why is Prince William in Saudi Arabia?Today’s Big Question Government requested royal visit to boost trade and ties with Middle East powerhouse, but critics balk at kingdom’s human rights record
-
Wuthering Heights: ‘wildly fun’ reinvention of the classic novel lacks depthTalking Point Emerald Fennell splits the critics with her sizzling spin on Emily Brontë’s gothic tale
-
Why the Bangladesh election is one to watchThe Explainer Opposition party has claimed the void left by Sheikh Hasina’s Awami League but Islamist party could yet have a say
-
Japan’s Takaichi cements power with snap election winSpeed Read President Donald Trump congratulated the conservative prime minister
-
Trump links funding to name on Penn StationSpeed Read Trump “can restart the funding with a snap of his fingers,” a Schumer insider said
-
Trump reclassifies 50,000 federal jobs to ease firingsSpeed Read The rule strips longstanding job protections from federal workers
-
Is the Gaza peace plan destined to fail?Today’s Big Question Since the ceasefire agreement in October, the situation in Gaza is still ‘precarious’, with the path to peace facing ‘many obstacles’
-
Vietnam’s ‘balancing act’ with the US, China and EuropeIn the Spotlight Despite decades of ‘steadily improving relations’, Hanoi is still ‘deeply suspicious’ of the US as it tries to ‘diversify’ its options
-
Trump demands $1B from Harvard, deepening feudSpeed Read Trump has continually gone after the university during his second term
-
Trump’s Kennedy Center closure plan draws ireSpeed Read Trump said he will close the center for two years for ‘renovations’
-
Trump's ‘weaponization czar’ demoted at DOJSpeed Read Ed Martin lost his title as assistant attorney general
