By Victor Reklaitis President sends letters to Japan, South Korea, Malaysia, Indonesia and other U.S. trading partners President Donald Trump sent out tariff letters to U.S. trading partners on Monday as he had promised, starting with missives to Japan and South Korea before targeting Malaysia, Indonesia and other countries. After Trump posted the first two letters on his Truth Social platform, White House press secretary Karoline Leavitt said there would be "approximately 12 other countries" that receive letters from the president. They'd continue to get shared on Truth Social, she told reporters during a briefing.
All U.S. trading partners will get a letter at some point, according to Leavitt. Another batch of letters was posted following Leavitt's briefing, with Trump taking aim at Laos, Malaysia, Myanmar, South Africa and Kazakhstan. An additional batch came after the U.S. stock market's closing bell to bring the total for the day to 14, with letters going to Bangladesh, Bosnia and Herzegovina, Cambodia, Indonesia, Serbia, Thailand and Tunisia.
The chart below shows how the levels and timing of Trump's country-specific tariffs have changed since he rolled them out during his "liberation day" event on April 2. These "reciprocal" tariffs were paused on April 9 for a 90-day period that had been due to end Wednesday, but Trump now is granting another extension until Aug. 1. Trump unveils new tariff levels for Aug. 1 Trading partner New tariff rate New effective April 2 rate Prior effective dates Japan 25% Aug. 1 24% April 9, then July 9 South Korea 25% Aug. 1 25% April 9, then July 9 Laos 40% Aug. 1 48% April 9, then July 9 Malaysia 25% Aug. 1 24% April 9, then July 9 Myanmar 40% Aug. 1 44% April 9, then July 9 South Africa 30% Aug. 1 30% April 9, then July 9 Kazakhstan 25% Aug. 1 27% April 9, then July 9 Bangladesh 35% 37% Bosnia and Herzegovina 30% 35% Cambodia 36% 49% Indonesia 32% 32% Serbia 35% 37% Thailand 36% 36% Tunisia 25% 28% Indonesia, South Korea, South Africa and Thailand are facing the same "reciprocal" tariff rates that they were presented with on April 2, with the level ranging from 25% to 36%.
Other countries had their rate increased or decreased to 25%, 35% or a round number like 40%. Cambodia's rate was not changed to a multiple of five but rather to 36%, down from 49%. Trump's letters on Monday said the countries could get adjustments to the U.S. import taxes that they're facing if their officials change their trade policies toward the U.S. That basically gives them three and a half weeks to make offers to the Trump administration.
Leavitt said Trump will be signing an executive order on Monday that officially moves the the implementation date of any "reciprocal" tariffs to Aug. 1 from this Wednesday. U.S. trading partners had been bracing for potentially higher tariffs starting on Wednesday, but then Trump said last week that the U.S. would not start collecting those import taxes until Aug. 1. U.S. stocks SPX added to their losses after Trump posted his letters to Japan EWJ and South Korea EWY.
Equities finished in the red but off their session lows. From MarketWatch's archives (May 2025): 'Trump always chickens out' is the talk of Wall Street. Here's one way to play the 'TACO' trade.
-Victor Reklaitis This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. (END) Dow Jones Newswires 07-07-25 1713ET Copyright (c) 2025 Dow Jones & Company, Inc.
