Stocks Slide as Trump Unveils Japan, South Korea Tariff Plans
White House Press Secretary Karoline Leavitt holds a letter from President Donald Trump addressed to South Korean President Lee Jae-Myung.
Photographer: Mehmet Eser/AFP/Getty Images
Good morning. Stocks slide after Donald Trump announces tariff rates on trading partners—with a new deadline. Tesla investors are “growing tired” of Elon Musk’s political pursuits. And telecom is the new tequila. Listen to the day’s top stories.
‘Liberation Day’ vibes returned as Donald Trump unveiled a wave of promised letters that threaten higher tariff rates on trading partners from August 1. Japan, South Korea, Malaysia and Kazakhstan would pay a 25% levy on their exports to the US, Indonesia’s set to take a 32% hit, while Thailand and Cambodia may face a 36% rate. No word yet on India—which is said to have made its best offer—nor the EU, which is rushing to lock in no more than 10%. Follow our live blog for the latest.