Key Facts
• July 9: Trump released a letter on new ‘reciprocal tariffs’ via social media.
• Seven countries, including the Philippines and Sri Lanka, are affected by the new rates.
• Tariffs exceeding 10% will take effect starting August 1, 2025.
• July 7: Similar letters were sent to 14 countries, including Japan.
• Trump emphasized the tariffs are ‘low and conservative’ to ensure fairness.
• Additional tariff announcements for more countries are expected soon.
• U.S. Treasury Secretary Bessent will visit Japan on July 19 for the Osaka Expo.
• Wall Street Journal: Bessent requested an extension of the tariff deadline to August 1.
• Bessent believes more agreements with India and the EU are achievable with extra time.
Summary
U.S. President Donald Trump announced new ‘reciprocal tariffs’ for seven countries, including the Philippines and Sri Lanka, with rates exceeding 10% set to take effect on August 1, 2025. Trump described the tariffs as ‘low and conservative,’ aiming for fairness globally. A similar letter was sent to 14 countries, including Japan, earlier in July. Treasury Secretary Bessent, who influenced the tariff deadline extension, will visit Japan on July 19 for the Osaka Expo. Bessent sees potential for further agreements with India and the EU during this extended period.
