Trump Sets August 1 Deadline for New Tariffs with Room for Negotiation

President Donald Trump has announced new tariff rates on a dozen countries, with a deadline of August 1. In an unusual move, Trump posted letters to the leaders of these countries on Truth Social, giving them notice of the tariffs.

The most notable tariffs are 25% duties on imports from Japan and South Korea. Trump warned the leaders of these nations that he could raise tariff rates even higher if they respond.

“If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25% that we charge,” Trump wrote to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae Myung.

Earlier in the day, Trump hinted that the August 1 deadline was flexible. Throughout his term as president, he has announced tariffs on dozens of nations, only to delay them. In April, he issued a broad set of tariffs on dozens of nations, only to delay implementation by 90 days.

"I would say final, but if they call with a different offer and if I like it, we'll do it," President Trump said.

The higher tariffs could hinder economic growth or increase recession risks. The Dow Jones reacted negatively to the news, falling by over 400 points.