On July 7th, local time, U.S. President Donald Trump stated at a White House dinner welcoming Israeli Prime Minister Netanyahu that the effective date for “reciprocal tariffs” had been set for August 1st, though it was not entirely certain.
Should any country propose a different scheme, he would be open to other ideas.
Earlier on July 7th, President Trump had indicated that tariffs would be imposed on imported products from Japan, South Korea, and 14 other countries ranging from August 1st onwards, with tariffs ranging from 25% to 40%. He posted letters to leaders of these countries on his own “Reality Social” website, detailing the reasons for the tariffs and stating that these new tariffs would not apply to other industries.
Trump’s announcement on April 2nd to impose so-called “reciprocal tariffs” triggered a sharp decline in U.S. financial markets. Under pressure from various quarters, Trump announced on April 9th a temporary suspension of high “reciprocal tariffs” against certain trading partners for 90 days, while maintaining a “baseline tariff” of 10%. White House spokesperson Karine Jean-Pierre said in a press conference on the afternoon of July 7th that Trump plans to sign an executive order extending the “reciprocal tariffs” suspension period by 90 days, shifting the implementation date from July 9th to August 1st.
Affected by Trump’s announcement of tariff increases, major U.S. stock indices fell across the board on July 7th. (Cao Jian)
Trump’s tariff policy has impacted the global economy.