US president Donald Trump extends the tariff deadline to August 1 – Bloomberg

The White House said Monday night that the US president, Donald Trump, has signed an executive order that postpones the deadline for implementing tariffs from July to August 1, according to Bloomberg.

The Trump administration announced 25% taxes on goods from Japan and South Korea, and signed an executive order that postpones the new tariffs until August 1. The US also imposed 25% rates to Malaysia, Kazakhstan and Tunisia, while South Africa would see a 30% tariff and Laos and Burma would face a 40% tax. Other nations affected by taxes include Indonesia with a rate of 32%, Bangladés with 35%, and Thailand and Cambodia with 36%tariffs.

Market reaction

At the time of writing, the American dollar index (DXY) is quoting 0.20% downward at 97.37.

Tariffs – Frequently Questions


Although tariffs and taxes generate government income to finance public goods and services, they have several distinctions. Tariffs are paid in advance in the entrance port, while taxes are paid at the time of purchase. Taxes are imposed on individual taxpayers and companies, while tariffs are paid by importers.


There are two schools of thought among economists regarding the use of tariffs. While some argue that tariffs are necessary to protect national industries and address commercial imbalances, others see them as a harmful tool that could potentially increase long -term prices and bring to a harmful commercial war by promoting reciprocal tariffs.


During the election campaign for the presidential elections of November 2024, Donald Trump made it clear that he intends to use tariffs to support the US economy. In 2024, Mexico, China and Canada represented 42% of the total US imports in this period, Mexico stood out as the main exporter with 466.6 billion dollars, according to the US Census Office, therefore, Trump wants to focus on these three nations by imposing tariffs. It also plans to use the income generated through tariffs to reduce personal income taxes.

Source: Fx Street

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