The Trump administration yesterday announced a fresh round of tariffs to be levied against goods imported from 14 countries, including major trading partners Japan and South Korea. The tariffs range from 25% to 40% and take effect Aug. 1 if each country doesn’t strike a trade deal with the U.S.
“If you want to play ball, you have to … this is what you have to pay,” Trump said during a Monday night meeting with Israeli Prime Minister Benjamin Netanyahu, according to reporting from The Wall Street Journal. “As far as I’m concerned, we’re done. … We’re sending out letters to various countries telling them how much tariffs they have to pay.”
According to the Office of the United States Trade Representative, the U.S. imported a total of $227.9 billion in Japanese goods in 2024. Imported Japanese goods that could impact marine industry businesses include plastics, rubber, electronics and steel. South Korea exported $197.1 billion to the U.S. in 2024, with electronics, plastics and steel topping the list of products that could affect the marine industry.
The other countries included in Trump’s tariff announcements are Thailand, Malaysia, Myanmar, Indonesia, South Africa, Cambodia, Bangladesh, Kazakhstan, Tunisia, Serbia, Laos and Bosnia-Herzegovina.
According to The Wall Street Journal: “U.S. officials have promised that they would strike pacts with other nations to lower tariffs in exchange for more market access and fewer regulations on U.S. firms abroad. So far, the administration has struck a narrow pact with the U.K., arrived at a tenuous tariff truce with China, and announced a deal with Vietnam, though neither nation has provided any evidence that an agreement has been officially signed.”
