US Tariffs Return: Winners, losers and What’s next

US President Donald Trump has once again escalated trade tensions by threatening over a dozen countries with steep tariffs. Among them, key allies Japan and South Korea were notified of impending 25% duties on their exports. The tariffs, initially suspended in April, were scheduled to snap back this week—until Trump signaled a possible extension to August 1. (Source: AFP)

Although Trump issued formal letters announcing tariff hikes, he left room for negotiations. During a dinner with Israeli PM Benjamin Netanyahu, he described the August 1 deadline as “firm, but not 100 percent firm.” This ambiguity has further fueled uncertainty in an already volatile global trade environment.

The letters outlined varying tariff rates: Indonesia faces a 32% duty, Bangladesh 35%, and Thailand 36%. While most countries received tariffs in line with April’s threat, some—like Laos and Cambodia—saw slightly reduced rates. The threat of more severe actions looms in case of retaliatory measures.

Japan's Prime Minister called the tariffs “genuinely regrettable,” and South Korea’s National Security Adviser expressed hopes for a diplomatic summit. When asked why Trump singled out Japan and South Korea first, the White House responded that it was the president’s prerogative.

US stock markets fell in response to Trump’s fresh threats, with the Nasdaq dropping 0.9% and the S&P 500 sliding 0.8%. Despite promising “90 deals in 90 days,” only a few agreements—such as those with the UK and Vietnam—have been finalized. Meanwhile, other nations are scrambling to avoid costly tariffs amid shifting timelines and political posturing.

(Disclaimer: This slideshow has been sourced from AFP)