President Trump this week has threatened to hit at least 20 nations with steep import duties by next month. 

Mr. Trump initially  two nearly identical letters on Truth Social Monday, addressed to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung, outlining the new tariffs. A 90-day freeze on country-specific U.S. tariffs on dozens of nations, including Japan and South Korea, expires on July 9. That deadline, however, is no longer significant, with Mr. Trump saying on that "tariffs will start being paid on Aug. 1, 2025." 

"In other words, all money will be due and payable starting Aug. 1, 2025 — No extensions will be granted," he added. 

Mr. Trump on Monday afternoon also announced separate tariffs on an additional 12 trade partners. Myanmar and Laos face a 40% tariff rate, the highest of the new levies the U.S. is threatening to deploy. Thailand and Cambodia face potential tariffs of 36%, while Mr. Trump announced slightly lower tariffs of 35% on both Bangladesh and Serbia. 

Indonesia is the lone country facing a possible tariff rate of 32%. Imports from South Africa and Bosnia and Herzegovina will be subject to 30% duties as of Aug. 1, while goods from Malaysia, Kazakhstan and Tunisia will be taxed at 25%, Mr. Trump said in letters posted on Truth Social. On Tuesday, Mr. Trump said on Truth Social that more tariff letters "will be sent today, tomorrow, and for the next short period of time."

Additional letters bring total to 20

The president posted six more tariff letters on Truth Social on Wednesday morning, bringing the total number of tariff letters sent to 20. They include a letter to the Philippines, which faces a 20% levy on its products, unless a trade deal with the U.S. is reached by Aug. 1. Goods from Brunei and Moldova will be taxed at 25%, and imports from Algeria, Iraq and Libya face tariffs of 30%. 

Mr. Trump on Monday signed an delaying the July 9 deadline to August 1. 

"I have determined, based on additional information and recommendations from various senior officials, including information on the status of discussions with trading partners, that it is necessary and appropriate to extend the suspension effectuated by Executive Order 14266 until 12:01 a.m. eastern daylight time on August 1, 2025," the order states.

Trump is also expected to announce more deals with U.S. trade partners before the beginning of August, White House press secretary Karoline Leavitt said during a press briefing Monday.

Mr. Trump included identical language in each letter informing recipients that the notice "demonstrates the strength and commitment of our Trading Relationship," and that "we invite you to participate in the extraordinary Economy of the United States."

The 25% tariffs on South Korea and Japan are in line with the so-called "reciprocal" rates Mr. Trump had announced when he unveiled country-specific duties on April 2. At the time, the Trump administration said it would impose tariffs of 24% and 25% on imports from Japan and South Korea, respectively. 

"If none of these 14 countries manage to seal a preliminary trade deal (and assuming Trump doesn't delay implementation for another month) then the effective tariff rate on U.S. imports would rise from 15.5% to 17.3%," Paul Ashworth, chief North America economist at Capital Economics, said in a report. In 2024, the effective tariff rate on imports was 2.5%, he noted. 

25% tariff would bog down trade

Trade policy expert Barry Appleton, co-director of the Center for International Law at New York Law School, told CBS 魅影直播 that Monday's announcements "are simply indications that he is making them pay full admission price to access the U.S. market."

"At 25%, it is possible, but challenging, to trade with Japan and Korea. This rate was carefully set at the higher side of the spectrum. In essence trade with the U.S. now is a pay to play proposition for Japan, Korea and likely others to come," he said. 

Appleton added that the country-specific rates announced Monday do not bode well for other nations looking to strike deals with the U.S., including EU countries, Canada and Switzerland.

Economists warn that wide-ranging U.S. tariffs on trading partners could spark another bout of inflation and hinder economic growth, while global financial markets have heaved at the prospect of significantly higher trading costs. 

Trump administration officials have said stiff U.S. tariffs can ensure fair global trade while also boosting the American manufacturing sector.