United States President Donald Trump has unveiled steep tariffs on more than a dozen countries as he ratchets up his pressure campaign aimed at winning concessions on trade.
Trump’s latest trade threats on Monday put 14 countries, including key US allies Japan and South Korea, on notice that they will face tariffs of 25 to 40 percent from August 1 unless they take more US exports and boost manufacturing in the US.
In nearly identical letters to the countries’ leaders, Trump said the US had “decided to move forward” with their relationship, but “only with more balanced, and fair, TRADE”.
Trump warned that any retaliatory taxes would be met with even higher tariffs, but left the door open to relief from the measures for countries that ease trade barriers.
“If you wish to open your heretofore closed Trading Markets to the United States, eliminate your tariff, and Non Tariff, Policies and Trade Barriers, we will, perhaps consider an adjustment to this letter,” Trump said in the letters, using capital letters to emphasise particular words.
“These Tariffs may be modified, upward or downward, depending on our relationship with your Country.”
“If they call up and they say we’d like to do something a different way, we’re going to be open to that,” he said.
Trump’s steepest tariffs would apply to Laos and Myanmar, which are both facing duties of 40 percent. Japan, South Korea, Malaysia, Kazakhstan and Tunisia would be subject to the lowest rate of 25 percent.
