Overview

• The White House dispatched letters to 14 countries outlining tariffs between 25% and 40% on imports from August 1 under Trump’s reciprocal trade plan.
• Japan, South Korea, Malaysia and Kazakhstan face 25% levies, South Africa 30%, and Laos and Myanmar 40% unless they onshore production or cut trade barriers.
• Washington warned that any retaliatory duties will trigger automatic doubling of US tariffs on offending imports.
• Only the United Kingdom and Vietnam have clinched tentative trade pacts so far as the European Union scrambles to finalise an agreement before its July 9 self-imposed deadline.
• Global markets responded with muted gains in Asia and mixed performance in Europe and the US as investors assess the escalated tariff threats.