- Donald Trump has reaffirmed his intention to impose significant import taxes, stating they will commence on August 1, 2025.
- These new tariffs, ranging from 25 to 40 per cent, are aimed at reversing globalisation and boosting US manufacturing.
- Trump has sent letters to various countries, including Japan and South Korea, describing their trade deficits as "unsustainable" and justifying the new rates.
- Despite Trump's claims, these import taxes are typically paid by importers and often result in higher prices for consumers.
- This latest announcement follows a pattern where Trump has previously extended self-imposed tariff deadlines after negative market reactions.
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