On July 7th local time, US President Trump announced that tariffs ranging from 25% to 40% will be imposed on imported products from 14 countries including Japan and South Korea starting from August 1st. At the same time, he signed an executive order to extend the “equivalent tariffs” originally scheduled for July 9th to August 1st. According to the letter released by Trump, countries such as Japan, South Korea, and Malaysia will be subject to a 25% tariff, South Africa and Bosnia and Herzegovina will be subject to a 30% tariff, Indonesia will be subject to a 32% tariff, Thailand and Cambodia will be subject to a 36% tariff, and Laos and Myanmar will be subject to up to 40% tariffs. Trump emphasized that if retaliatory tariffs are imposed by relevant countries, the United States will “increase the burden equally” and encourage companies to build factories in the United States to avoid tariffs.