Source: CNN Business
“President Donald Trump cranked up the pressure Monday on America[n consumers], firing off letters to heads of several countries, informing them of their [American customers’] new tariff rate. But at the same time, Trump took some of the edge off by signing an executive action Monday to extend the date for all ‘reciprocal’ tariffs, with the exception of China, to August 1. Those ‘reciprocal’ tariffs were expected to go into effect Wednesday. In some cases, the letters Trump sent specify new “reciprocal” tariff rates that are higher or lower compared to April levels. … Japan’s Prime Minister Shigeru Ishiba and South Korea’s President Lee Jae-myung were the first recipients of Trump’s letters. [American buyers of goods from b]oth countries will face a 25% tariff come August 1, according to the letters, but both nations said on Tuesday they plan to engage in further talks with the US, with Japan saying it was working towards a trade deal.” (07/08/25)
https://www.cnn.com/2025/07/07/economy/trump-letters-tariffs