Trump Announces New Tariffs Targeting Multiple Countries Including Brazil, Japan, South Korea

President Donald Trump has defended his administration's new round of steep import tariffs, explaining that the formula used to determine these tariffs is based on common sense, trade deficits, and historical treatment of the United States by other countries. The tariffs, ranging from 20 to 50 percent, target over 20 countries, including Brazil, the Philippines, and Serbia, and are set to take effect from August 1, 2025. A White House official clarified that the tariff letters sent to foreign leaders, including Serbia, are intended as invitations for negotiation to establish trade equivalency, rather than as ultimatums. Trump emphasized during a Cabinet meeting that these letters serve as starting points for deals to lower trade barriers, aiming to achieve reciprocity through equivalent tariff rates. This approach is part of a broader strategy to address what the administration views as unfair monetary and non-monetary trade barriers imposed by other countries. Industry officials, such as Canada's Melanie Joly, have acknowledged ongoing negotiations amid tariff threats but have yet to see specific executive orders on commodities like copper.