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Back in April, as markets convulsed and
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companies watched on in horror, Trump
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announced a 90-day pause in his
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so-called Liberation Day tariffs. But
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now those 90 days are up. So what
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happens next? Well, another pause, but
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this time the fuse is quite a lot
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shorter. His press secretary has said
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that the main global tariff, that flat
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10% levy slats on basically everything,
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will now not expire until the 1st of
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August. There is a new 25% tariff on all
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goods imported from Japan and South
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Korea and there are new punitive rates
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on countries from Malaysia to Kazakhstan
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and South Africa among others. The
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president spent much of yesterday
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sending letters to trading partners in
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classic style, posting them openly on
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Truth Social. Correspondence with world
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leaders has been as awkward as it is
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public. Trump told the king of Thailand
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that quote, "Our relationship has been
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unfortunately far from reciprocal." In
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the case of Thailand, already hit with a
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36% rate, Trump warned that the levies
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will rise if there are any reciprocal
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tariffs from their end and urged the
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kingdom to manufacture products in the
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US. Similar language was used with the
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prime minister of Cambodia and the
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presidents of Serbia, Chunisia, and
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Indonesia among others. With Karma
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having gunned hard for a trade deal with
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Trump in the spring, the UK looks to
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have dodged the worst of the tariffs.
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The PM got an exemption from tariffs on
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auto and aeroplane manufacturers, but
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there are big question marks over
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whether the UK will still secure a
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carveout for steel. The government had
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hoped to contain those steel tariffs to
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25% as they double to 50% for the rest
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of the world, but now Downing Street
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can't confirm that this is still going
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to be the case. And for businesses all
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around the world, the uncertainty looks
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set to continue for a fair bit longer.
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Trump's trade secretary, Howard Lutnik,
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has already caused confusion by
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suggesting that the new pause could end
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on the 9th of August, which is more than
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a week later than was announced by the
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administration earlier that day. So,
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it's a new phase in Trump's trade
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policy, and it looks like there's a lot
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more chaos to come. For everything you
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need to know about the tariffs, stick
