President Donald Trump has announced new tariff rates for imports from several countries, with rates ranging from 20% to 50%. The tariffs, set to take effect August 1 following a 90-day pause, were detailed in letters sent to leaders of countries including Japan, South Korea, and South Africa. Trump indicated the tariffs could be adjusted based on future trade relations, and warned that any retaliatory measures would be met with matching increases. While some trade deals have been reached, most affected countries have yet to finalize agreements with the U.S.
Key Takeaways:
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New country-specific tariffs will be implemented August 1, with rates between 20% and 50%.
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Tariffs may be adjusted up or down, depending on trade negotiations and retaliatory actions.
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Only a few trade deals have been finalized; most countries remain in negotiations.
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