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The latest in politics and policy. Direct to your inbox. Sign up for the Evening Report newsletter Subscribe ? Plus: Death count rises after Texas floods{beacon}PRESIDENT TRUMP on Monday announced plans to slap hefty new tariffs on top U.S. trade partners, although he's delaying their implementation to provide more time for countries to reach deals with the U.S.
The president announced new 25 percent tariffs on Japan and South Korea that will go into effect Aug. 1.
“Please understand this … is far less than what is needed to eliminate the Trade Deficit disparity we have with your Country,” Trump wrote in a letter to both countries.
The president, who has raged against Japan for failing to make a deal, warned that if either nation responded with its own tariffs, the U.S. would increase its tariffs by the same amount.
“As you are aware, there will be no Tariff if Korea, or companies within your Country, decide to build or manufacture product within the United States and, in fact, we will do everything possible to get approvals quickly, professionally, and routinely – in other words, in a matter of weeks,” Trump wrote to South Korea’s president.
White House press secretary Karoline Leavitt said 12 countries will receive their own tariff letters Monday, which Trump will be posting on his social media account. More letters are expected throughout the week.
The new movement on tariffs comes days before the original July 9 deadline for countries to reach a deal with the U.S. or face new “Liberation Day” tariffs.
The “reciprocal” tariffs were first announced April 2 and then paused for 90 days.
With the pause set to expire, Leavitt said Trump will sign an executive order on Monday afternoon delaying all “Liberation Day” tariffs until Aug. 1.
However, Treasury Secretary Scott Bessent warned that countries will see their tariff rates “boomerang back” on Aug. 1 to higher levels than those announced three months ago if they don’t make a deal sooner.
TRUMP THREATENS BRICS COUNTRIES WITH NEW LEVIES
Also on Monday, Trump threatened to impose an additional 10 percent tariff on countries “aligning” themselves with the BRICS bloc of nations, including Brazil, Russia, India, China, South Africa, Indonesia, Iran, Egypt, Ethiopia and the United Arab Emirates.
“Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff,” Trump posted on social media. “There will be no exceptions to this policy. Thank you for your attention to this matter!”
Members of the BRICS group issued a declaration over the weekend condemning U.S. tariffs and the strikes against Iran, although the statement did not mention Trump specifically.
The economy posted strong jobs numbers in June, and inflation has remained in check. However, Federal Reserve chairman Jerome Powell has refused to cut interest rates over fears of a coming price shock due to uncertainty around Trump's tariffs.
The major stock market indices were down about 1 percent each in late afternoon trading.
?Perspectives:
• The Hill: Jerome Powell is competing to be the worst Fed chair in history.
• The Hill: Trump’s trade brinkmanship imperils market stability.
• The Liberal Patriot: Will left populists embrace patriotism?
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A 27-year-old man with a rifle and tactical gear was killed Monday morning after ambushing law enforcement officers at a Border Patrol facility in McAllen, Texas.
The Department of Justice concluded that Jeffrey Epstein killed himself and did not keep a client list, the department determined in a memo released Monday alongside the FBI.The CIA admitted for the first time since President Kennedy’s assassination that an officer specializing in psychological warfare ran an operation that came into contact with Lee Harvey Oswald before the Dallas killing.
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