Jul 08, Kathmandu - US President Donald Trump has announced additional tariffs on goods imported from 14 countries worldwide, including Japan and South Korea, effective from August. Under the new measures, goods from Japan and South Korea will face a 25 percent tariff. Trump also warned other world leaders that new tax standards are being prepared, with implementation starting from August 1.

Many of these tariffs mirror those announced in April, although Trump indicated that they could change depending on the evolving relationship with each country, stating via Twitter, “It could be more or less as our relationship evolves.”

Trump claimed that the tariffs aim to boost domestic manufacturing in the United States. However, analysts caution that such measures could slow down international trade and cause stock market volatility. Notably, Toyota’s shares dropped 4 percent on Monday in response to the news.

Japan, one of the affected countries, sent $148 billion worth of goods to the US last year, making it the fifth-largest exporter to the United States. Other major exporters include the European Union, Mexico, China, and Canada, which send more goods than Japan. South Korea is also among the top 10.

The new tariffs announced include:

• 40 percent on goods from Myanmar
• 36 percent on goods from Cambodia and Thailand
• 35 percent on goods from Serbia and Bangladesh
• 32 percent on Indonesian goods
• 30 percent on South African goods
• 25 percent on Malaysian and Tunisian goods

Trump indicated that these tariffs are responses to trade policies by other nations that have caused economic losses to the US.

Meanwhile, the United States is engaging in trade negotiations with Britain and Vietnam and is preparing to hold talks with China. The US is also strengthening its diplomatic and trade relations with India.