Trump Threatens Up to 40% Tariffs, Nations Scramble to Strike Deals

US President Donald Trump is threatening to impose steep tariffs—ranging from 25% to 40%—on 14 nations unless they reach trade deals by August 1.

Countries like Japan, South Korea, Indonesia, and Bangladesh are among those targeted, with some of the highest rates aimed at Southeast Asia.

Only the UK and Vietnam have secured agreements. The announcement rattled global markets, triggered stock losses, and sent the US dollar to a 50-year low, as Washington doubles down on its “reciprocal tariff” strategy.