New tariffs set on 14 trading partners

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.