Big news on the trade front: The White House has released an Executive Order that pushes back the date certain reciprocal tariffs are set to take effect.
Originally, a long list of tariffs were set to take effect on July 9th if trade deals were not reached. Today President Trump extended several of those deadlines to August 1st to allow further time for negotiations with those specific countries, who were notified of new tariff rates in the mean time. Those countries and their rates include:
- Japan (25%) – original rate 24%
- Korea (25%) – original rate 25%
- South Africa (30%) – original rate 30%
- Kazakhstan (25%) – original rate 27%
- Laos (40%) – original rate 48%
- Malaysia (25%) – original rate 25%
- Myanmar (40%) – original rate 44%
- Tunisia (25%) – original rate 28%
- Bosnia and Herzegovina (30%) – original rate 35%
- Indonesia (32%) – original rate 32%
- Bangladesh (35%) – original rate 37%
- Serbia (35%) – original rate 37%
- Cambodia (36%) – original rate 49%
- Thailand (36%) – original rate 36%
More trade updates are expected in the near future, so come back to www.ohiocornandwheat.org to stay informed.
