The Trump administration has extended the deadline for implementing reciprocal tariff rates to 1 Aug from 9 July, while sending letters to trading partners with proposed rates that would take effect three weeks later if there is no further progress in talks. 9 out of the 14 letters have been sent to Asia, which remains the worst impacted by Trump tariffs despite some reductions. The levies are are 13 to 2ppt lower for Cambodia, Laos, Myanmar and Bangladesh; unchanged for S Korea, Indonesia and Thailand from ‘Liberation Day’; and 1ppt higher for Japan and Malaysia.
