Trump just slapped major trade penalties on 14 different countries around the world. The president sent letters on Monday telling foreign leaders about steep new fees starting August first. These tariffs will hit goods from Japan, South Korea, Malaysia, and South Africa with rates reaching 40 percent. He moved the original July 9 deadline back to give nations more time. The new taxes exclude China from this latest round of trade punishment.
South Korea and Japan face 25 percent charges on their products shipped to America. Both Asian nations fired back with angry responses about the trade penalties. South Korea threatened bold action if their economy suffers from the new rules. Japan called the move disappointing and wants to negotiate a separate trade agreement. Trump told foreign leaders they can avoid higher costs if they build factories on American soil.
Stock markets crashed after traders heard about the tariff announcements. Toyota shares fell 4 percent during trading sessions on Wall Street. Nissan dropped over 7 percent and Honda lost nearly 4 percent of its value. The Dow Jones index plummeted 422 points as investors panicked about trade wars. Trump claims foreign countries hurt American exports with unfair trade policies that favor their local businesses.
South Korea and Japan face 25 percent charges on their products shipped to America. Both Asian nations fired back with angry responses about the trade penalties. South Korea threatened bold action if their economy suffers from the new rules. Japan called the move disappointing and wants to negotiate a separate trade agreement. Trump told foreign leaders they can avoid higher costs if they build factories on American soil.
Stock markets crashed after traders heard about the tariff announcements. Toyota shares fell 4 percent during trading sessions on Wall Street. Nissan dropped over 7 percent and Honda lost nearly 4 percent of its value. The Dow Jones index plummeted 422 points as investors panicked about trade wars. Trump claims foreign countries hurt American exports with unfair trade policies that favor their local businesses.
