Faisal Islam: Trump delays tariffs as the rest of world plays hardball
Summary
The Trump administration has delayed the implementation of new tariffs, originally set to start on 9 July, pushing the date to 1 August, with possible further extensions. This delay comes as the U.S. attempts, but struggles, to reach trade agreements with countries responsible for most of its trade deficit. Other countries are also responding forcefully to U.S. trade policies, with key Asian nations like Japan and South Korea showing strong opposition.Key Facts
- President Trump delayed new tariffs from 9 July to 1 August, with possible future extensions.
- The U.S. aimed to make 90 trade deals in 90 days but reached none by the deadline.
- The U.S. focuses on reducing trade deficits specifically with 18 countries.
- Japan and South Korea received letters that could harm their existing trade deals with the U.S.
- Japan hinted at using its large holdings of U.S. debt as leverage in trade negotiations.
- The value of the U.S. dollar has decreased 10% this year against various currencies.
- China's exports to the U.S. have dropped by 9.7% this year, but exports to other parts of the world, like the UK and ASEAN countries, have increased.
- U.S. tariff rates have risen to about 15%, up from 2-4% over the past 40 years.
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