U.S. President Donald Trump signed an executive order Monday extending the date on which so-called “reciprocal” tariffs will take effect to August 1.
The previous deadline had been July 9.
Shortly after noon Monday, Trump published two letters addressed to Japan and South Korea threatening them with 25% duties, with higher ones for items deemed to have been transshipped through their countries.
Transshipping refers to offloading goods from one mode of transportation and reloading onto another. A 25% duty was essentially the level Trump announced for those two countries during his shock “Liberation Day” speech on April 2.
Source: Reuters
