Trump issues fresh reciprocal tariffs on 14 nations; Myanmar and Laos hit hardest

President Donald Trump has issued formal letters to 14 countries, warning that they will face fresh reciprocal tariffs effective August 1 unless trade agreements are reached. The heaviest rates apply to Myanmar and Laos, with a steep 40% levy, while other nations face duties ranging from 25% to 36%.

Under the new tariff structure announced by the Trump administration, Myanmar and Laos face the steepest duties at 40%, citing severe trade imbalances. Cambodia and Thailand follow closely with 36%, while Bangladesh and Serbia are subject to 35% levies.

Indonesia will see 32%, and South Africa faces a 30% tariff. A group of five nations — Japan, South Korea, Tunisia, Malaysia, and Kazakhstan — have each been hit with a 25% tariff.

The list includes a mix of US allies and developing economies, signaling a broad application of Trump's reciprocal trade policy.

These measures follow Trump’s earlier “Liberation Day” tariffs announced in April and mark the second wave of his “reciprocal” tariff strategy.

Market reactions were swift: Asian stock markets paused as the S&P 500 dropped around 0.8%, and copper futures surged amid fears of sector-specific duties.

US financial markets also showed volatility amid growing uncertainty over global trade dynamics .

Several of the targeted countries have begun responding diplomatically to the new tariff impositions. Japan and South Korea have expressed a strong willingness to accelerate negotiations with the US in hopes of averting the 25% tariffs, according to reports from media reports.

Meanwhile, Cambodia, Bangladesh, and Thailand are actively pursuing bilateral agreements to minimize the economic fallout.

South Africa condemned the 30% tariff as a “mischaracterization” of its trade relationship with the US, while the ASEAN bloc has called for a collective diplomatic approach to address what it described as unilateral and disruptive trade measures.

Additionally, Trump announced plans for steep sector-specific levies—a 50% tariff on imported copper and potential duties on semiconductors and pharmaceuticals—further escalating his trade agenda.

The administration has extended the negotiation deadline to August 1, offering countries a window to secure bilateral agreements. So far, only the UK, Vietnam, and China have reached deals; India remains in ongoing discussions.

Trump has warned that more tariff letters may follow to nations unwilling to comply.