Trump Announces New Tariffs, Hints at Imminent Trade Deal with India

Former President Donald Trump expressed optimism regarding a trade deal with India, while simultaneously announcing the implementation of fresh tariffs on 14 countries. The new tariffs, which include a 40% rate on Myanmar and the Lao People’s Democratic Republic, are set to go into effect on August 1. During a press conference, Trump mentioned completed deals with the UK and China. He added that letters were being sent to other nations regarding tariff expectations. The details of the potential trade deal with India were not specified, but the comments suggest advanced negotiations. The countries impacted by the new tariffs are: Bangladesh, Bosnia and Herzegovina, Cambodia, Indonesia, Japan, Kazakhstan, Malaysia, Republic of Serbia, Republic of Tunisia, South Africa, South Korea, and Thailand.