London
CNN
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Dozens of America’s trading partners are bracing themselves for August 1, the new deadline for punishing tariffs on goods they export to the United States.
For months, countries have tried to negotiate trade deals with the US to avoid the so-called “reciprocal” tariffs President Donald Trump announced back in April. So far, only China, the United Kingdom and Vietnam have managed to clinch such agreements, and these vary in their scope and finality.
On Monday, Trump cranked up the pressure, firing off letters to heads of 14 countries informing them of their new tariff rates – which, in some cases, are even higher than those unveiled in April.
But at the same time, Trump provided a brief reprieve, delaying the implementation of the “reciprocal” tariffs from July 9 to August 1 for all countries except China.
Here’s how some countries have responded:
South Korea has said it will ramp up trade negotiations with the US ahead of August 1.
Trump has threatened to impose a 25% tariff on South Korea on that date. The tariff rates “may be modified, upward or downward,” according to letters he posted on his Truth Social platform.
The South Korean Ministry of Trade, Industry and Energy said the country’s aim was to “accelerate negotiations to produce mutually beneficial results for the rest of the year to quickly resolve uncertainties caused by tariffs.”
The ministry added that it would address its trade surplus with the US and aim to “leap forward through the manufacturing renaissance partnership between the two countries.”
The ministry has been in talks with the US since the formation of South Korea’s new government in early June, it also said, “but in reality, there was not enough time to reach an agreement on all issues.”
Japan’s Prime Minister Shigeru Ishiba convened a comprehensive task force consisting of all cabinet ministers on Tuesday morning.
Ishiba said Tuesday he is interested in “seeking an early agreement with the United States while protecting Japan’s national interests,” according to remarks translated by CNN.
Despite “earnest and sincere discussions,” he said Japan has been unable to reach a deal because of ongoing issues. Ishiba also said, “We deeply regret that the US government has imposed additional tariffs and announced plans to raise tariff rates.” However, he stopped short of threatening any form of retaliation.
On Monday, South African President Cyril Ramaphosa criticized what he called “the unilateral imposition” of a new 30% tariff on his country’s US-bound exports.
In a statement, Ramaphosa said the “reciprocal” tariff was not based “on an accurate representation of available trade data,” noting that 77% of America’s goods exports to South Africa face no tariffs whatsoever.
“South Africa will continue with its diplomatic efforts towards a more balanced and mutually beneficial trade relationship with the United States,” Ramaphosa said, adding that his country had proposed a framework for a trade agreement to the US on May 20.
“This framework deal addresses the issues initially raised by the US, including South Africa’s supposed trade surplus, unfair trade practices and lack of reciprocity from the US,” Ramaphosa said.
This is a developing story and will be updated.
