Trump Threatens Tariff Hike on 14 Countries Including Bangladesh
U.S. President Donald Trump has once again announced a tough stance on trade, signaling plans to impose higher tariffs on 14 countries, including Bangladesh. According to Trump, this move is intended to boost U.S. exports and increase domestic manufacturing.
On Monday, July 7, Trump stated that starting from August 1, goods imported from the listed countries may face tariffs ranging from 25% to 40%, unless those countries agree to increase their investment in the U.S. and provide greater access to American products in their markets.
The list includes long-time U.S. allies such as Japan and South Korea. In letters sent to the leaders of these nations, Trump wrote, “The United States is ready to advance its relations, but only under a framework of more balanced and fair trade.”
He further warned that any retaliatory tariffs imposed by these countries would result in even higher tariffs from the U.S. However, he also left the door open for reducing tariffs if the countries reduce trade barriers and open up their markets.
Tariff Rates by Country:
- 40%: Laos, Myanmar
- 36%: Cambodia, Thailand
- 35%: Serbia, Bangladesh
- 32%: Indonesia
- 30%: South Africa, Bosnia and Herzegovina
- 25%: Japan, South Korea, Malaysia, Kazakhstan, Tunisia
Many of these countries have export-driven economies and were previously subject to only a 10% tariff. The sudden increase is expected to place significant strain on their economic activities.
Japanese Prime Minister Shigeru Ishiba has described the decision as “deeply regrettable” but expressed a willingness to continue dialogue. South Korea, meanwhile, has announced plans to expedite discussions to reach a “mutually beneficial resolution” by August.
The Trump administration is currently negotiating with several countries to ease trade tensions. Agreements have already been reached with China, Vietnam, and the United Kingdom. U.S. Treasury Secretary Scott Bessent indicated that more trade deals may be announced within the next 48 hours. White House Press Secretary Karoline Leavitt added that President Trump is expected to send more formal letters to other countries later this week.
