President Donald Trump is playing economic hardball with just hours to go before sweeping new tariffs were set to hit 14 countries. But he pulled back slightly in a late executive move Monday, delaying the start of his so-called reciprocal tariffs until Aug. 1.
Still, warning shots have already been fired. Leaders from Japan to South Africa received letters from the White House detailing tariff hikes, some as high as 40%. Japan and South Korea are each facing 25% tariffs. Malaysia, Cambodia and even Laos are on the list, and if these countries retaliate, Trump says he’ll double down.
Last year, the U.S. imported $465 billion worth of goods from these targeted nations. That’s your car, your phone, your clothes — now under threat of price hikes.
The Dow tumbled more than 400 points, Asian automakers took a hit, and everyday Americans could soon feel it in their wallets.
Trump says these tariffs are about fairness, but families will have to pay more as he tries to make a political point.
