Donald Trump has revived his threat to hit major trading partners with steep “reciprocal” tariffs even as he granted a three-week reprieve for countries to negotiate trade deals with the US.
The president on Monday sent letters to Japan and South Korea, both among the US’s biggest trading counterparts, saying the country would impose 25 per cent levies beginning on August 1. South Africa would be hit with 30 per cent tariffs, Trump said, while also announcing big levies on 11 other countries.
The tariffs were roughly on a par with those Trump unveiled during his “liberation day” announcement on April 2, which had prompted severe ructions across global financial markets.
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