US Announces Up to 40% Tariffs on Imports

President Donald Trump has announced new tariffs ranging from 25% to 40% on imports from over a dozen countries, including Japan, South Korea, and Bangladesh, effective August 1. The measures are aimed at addressing trade imbalances and encouraging reciprocal tariffs, with the administration warning of further increases if affected countries retaliate. Bangladesh faces a 35% tariff and is seeking talks to reduce the impact on its garment industry, while Japan has called the tariffs 'deeply regrettable' but will continue negotiations. The US has finalized trade deals with the UK and Vietnam and reached a framework agreement with China, which has warned of possible retaliatory tariffs. Market volatility has increased and experts warn of potential recession risks due to the breadth of the tariffs. Many targeted companies are hesitant to make operational changes amid ongoing uncertainty over tariff rates.