President Donald Trump has postponed the implementation of his proposed “Liberation Day” tariffs on US imports, with the initial 90-day delay set to end on July 9th.

Instead of enforcing the tariffs immediately, Trump has sent letters to 14 countries outlining new duties that will come into effect on August 1st. These tariffs, initially delayed to provide the chance of securing better trade agreements, will impact several countries including Japan and South Korea, with rates ranging from 25% to 40%.

The full list of affected nations includes Japan (25%), South Korea (25%), Thailand (36%), Malaysia (25%), Bangladesh (35%), Bosnia (30%), Cambodia (36%), Indonesia (32%), Kazakhstan (25%), Laos (40%), Myanmar (40%), Serbia (35%), South Africa (30%), and Tunisia (25%).

While discussing the changes, Trump emphasised that the August 1st deadline is “firm, but not 100% firm,” indicating that adjustments could be made if countries initiate fresh negotiations.

The United Kingdom, having secured a new trade deal with the US in May, will not be impacted by the new wave of tariffs. The European Union has also avoided the initially proposed 20% “Liberation Day” tariff for now as they recently entered talks with the US for a trade agreement.

No doubt, the story will continue to evolve and future adjustments to US trade policy and tariffs is likely.

Should you have any questions on the above, the Unique team are here to help.