President Donald Trump announced looming tariffs on at least seven countries on Monday as he struggles to lock in new trade agreements with some of the biggest U.S. trading partners.
The president first posted a pair of letters to the leaders of both Japan and South Korea on social media which stated they would be slapped with 25 percent tariffs starting on August 1.
Throughout the afternoon he has since posted two more letters announcing he would impose 25 percent tariffs to on Malaysia and Kazakhstan. He also sent a letter imposing a 30 percent tariff on South Africa, as well as 40 percent tariffs on Laos and Myanmar.
It’s the latest in a series of deadlines the president has pushed back since announcing his so-called “Liberation Day” in April.
The president revealed the dramatically written letters before he was set to sign an executive order on Monday once again delaying the tariff deadline from July 9.
Last week, he insisted he would not extend his most recent timeline to negotiate deals before pushing it back again.
White House Press Secretary Karoline Leavitt held up what she called “beautiful” letters to Japan and South Korea during her briefing on Monday where she shared that approximately 12 other countries will also receive notices from the president.
“It is a Great Honor for me to send you this letter in that it demonstrates the strength and commitment of our Trading Relationship, and the fact that the United States of America has agreed to continue working with Korea, despite having a significant Trade Deficit with your great country,” the letter to President Lee Jac-myung began.
The president used both letters to call for more balanced trade, writing that he was inviting them to “participate in the extraordinary Economy of the United States, the Number One Market in the World, by far.”
Trump warned if either country imposes reciprocal tariffs, the U.S. will respond by slapping additional tariffs on imports to the U.S.
The letter also signaled tariffs may be “modified, upward or downward, depending on our relationship with your Country” and vowed the countries would “never be disappointed with The United States of America.” The president signed both letters “With best wishes, I am, Sincerely, Donald Trump.”
U.S. stock markets plunged on Monday after the president posted the letters online, with the Dow dropping more than 500 points.
The letter to Japanese Prime Minister Ishiba Shigeru was nearly identical to the one being sent to South Korea. One change, however, was that there was an uptick in the tariff amount. In April, the president’s chart featured 24 percent “reciprocal” tariffs on Japan, so it could go up one percent next month from the original threat.
Back in April, Trump threatened Malaysia with 24 percent tariffs, Kazakhstan with 27 percent tariffs, South Africa with 30 percent tariffs, Myanmar with 44 percent tariffs, and Laos with 48 percent tariffs before putting them on pause.
The president had vowed to make 90 deals in 90 days, but Leavitt on Monday dismissed that pushing back the deadline again was an admission that it has been harder to negotiate than Trump had thought.
“It’s an acknowledgment that this administration is doing what’s best for the American worker, and we want the best deals possible for our workers,” Leavitt claimed.
She indicated more letters would go out in the coming days after the first batch was sent out on Monday.
While the White House has vowed to negotiate a trade deal with every country “on the planet,” so far, the president has secured less than a handful of deals despite teasing more.
Last month, he announced a deal with China that would include 55 percent tariffs on Chinese imports while U.S. goods are taxed at 10 percent.
Last week, the U.S. announced an agreement with Vietnam, which would put a 20 percent tariff on Vietnamese exports, a dramatic reduction of the original 46 percent tariff threat.
Last month, the U.S. also signed a trade deal with the U.K., but some components of it have yet to be finalized.
