Trump Announces New Set of Tariff Rates Ahead of August Deadline

Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF.President Donald Trump unveiled the first in a wave of promised letters that threaten to impose higher tariffs rates on key trading partners, including levies of 25% on goods from Japan and South Korea beginning Aug. 1.Trump also announced 25% rates on Malaysia and Kazakhstan, while South Africa would see a 30% tariff and Laos and Myanmar would face a 40% levy. The nations were the first in what the president promised would be a flurry of unilateral warnings and trade deals announced on Monday, two days before agreements are due from trading partners facing his April 2 so-called reciprocal levies.“Our relationship has been, unfortunately, far from Reciprocal,” Trump wrote in the letters. Trump’s second-term rush to overhaul US trade policies has served as a steady source of uncertainty for markets, central bankers and executives trying to game out the effect on production, inventories, hiring, inflation and consumer demand — routine planning that’s hard enough without costs like tariffs that are on one day, off the next.Today's show features: US Representative Kathy Castor (D-FL) on new tariff announcements from the White House and the passage of President Donald Trump’s tax and spending bill Bloomberg Economics Geo-Economic Analyst for Latin America Jimena Zuniga on this week’s BRICS summit in Rio de Janeiro Bloomberg News Texas Bureau Chief Julie Fine on deadly flash flooding in the Lone Star State Bryan Fairbanks, President and CEO of Trex, on the company outlook and key trends in US manufacturing See omnystudio.com/listener for privacy information.