Trump Imposes New Tariffs on Dozens of Nations, Markets React

President Trump has announced new tariffs, ranging from 10% to 41%, on imports from over six dozen countries. These tariffs are set to take effect on August 7th if these nations do not reach trade agreements with the U.S. within a week. The directive was issued shortly before a negotiating deadline. Countries like Syria, Laos, and Myanmar face the highest rates. Nations that recently secured deals, such as Japan, South Korea, and the EU, will be subject to their negotiated rates. The administration stated the move is a response to the "unusual and extraordinary threat" posed by U.S. goods trade deficits, which reached a record $1.2 trillion last year. The announcement has led to market drops in Asia and a lower opening in Europe.