Fourteen countries have been given until Aug. 1 to negotiate trade deals with the Trump administration or risk the imposition of higher tariffs.
While the majority of the new tariffs announced on Monday closely reflect the rates proposed by President Donald Trump in April, Laos and Myanmar are set to face the highest levy at 40%.
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Goods from Serbia and Bosnia and Herzegovina will face slightly lower rates of 35% and 30%, respectively. And the remaining countries: Japan, Kazakhstan, Malaysia, South Korea and Tunisia will see a 25% tariff hike.
Here’s a look at some of the trade profiles of countries named in Trump’s recent tariff letters so far:
Bangladesh
Main exports: Knit T-shirts, suits and knit sweaters.
2024 export value: $8.4 billion.
Trade relationship value: $10.6 billion.
Tariff: 35%.
Impact: Bangladesh’s economy is heavily dependent on the U.S. market. Bangladesh, the world’s second-largest garment exporter, shipped an estimated $8.4 billion in goods to the U.S. in 2024, according to data from the U.S. Trade Representative. Nearly 80% of Bangladesh’s total export earnings are powered by its garment industry, which also employs approximately 4 million people.
Meanwhile, American exports to Bangladesh in 2024 have dipped to $2.2 billion, down 1.5% or about $34 million from 2023.
Cambodia
Main exports: Knit sweaters, footwear, travel goods.
2024 export value: $12.7 billion.
Trade relationship value: $13 billion.
Tariff: 36%.
Impact: Much like Bangladesh, the U.S. is the top market for Cambodia’s garment industry, according to data from the Observatory of Economic Complexity. The U.S. Trade Representative estimates Cambodian exports in 2024 reached $12.7 billion. The figure is up 9.3% or about $1.1 billion from 2023.
American exports to Cambodia in 2024 were $321.6 million, an increase of 4.9% or approximately $14.9 million, from the 2023 figures.
TARIFFS WILL REVERT TO APRIL LEVELS IF COUNTRIES DON’T MAKE A DEAL BY AUGUST 1, BESSENT SAYS
Indonesia
Main exports: Palm oil, coal briquettes.
2024 export value: $28.1 billion.
Trade relationship value: $38.3 billion.
Tariff: 32%.
Impact: Indonesia, the world’s top exporter of palm oil, exported $28.1 billion to the U.S., according to data provided by the U.S. Trade Representative.
Jakarta’s top trading partner is Beijing, followed by Washington. Meanwhile, American imports to Indonesia have increased to $10.2 billion, up approximately $364 million from trade deals in 2023.
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Laos
Main exports: Electricity, potassic fertilizers, metals, copper ore.
2024 export value: $803.3 million.
Trade relationship value: $844 million.
Tariff: 40%.
Impact: Laos, which is slightly larger than Utah, has a heavy export-driven economy and depends largely on the Chinese and Thai marketplace. Trump originally proposed a 48% tariff on the southeast Asian country in April but recently dropped the duty to 40%.
In 2024, U.S. exports to Laos totaled approximately $40.4 million — about $5.9 million less than the previous year. By contrast, U.S. imports from Laos were significantly higher, reaching around $803.3 million, according to data provided by the U.S. Trade Representative.
TRUMP URGED TO TAKE ON SOUTH KOREA OVER TECH REGULATIONS THAT TARGET US, SPARE CHINA.
Myanmar
Main exports: Petroleum gas, dried legumes and rare-earth metal compounds.
2024 export value: $656.5 million.
Trade relationship value: $734 million.
Tariff: 40%.
Impact: Myanmar, like neighboring Laos, was also hit with a 40% U.S. tariff — the steepest rate imposed among the 14 targeted countries. Trump initially placed a 44% proposed duty on Myanmar, which is about the size of Texas, back in April.
In 2024, U.S. exports to the southeastern Asian country totaled approximately $77 million, down more than half, or about $95.3 million, from last year’s figures.
Meanwhile, U.S. imports from Laos were significantly higher, reaching around $656.5 million, according to data provided by the U.S. Trade Representative.
TRUMP CONFIRMS AUGUST 1 DEADLINE FOR COUNTRIES TO REACH TRADE DEALS OR FACE TARIFF INCREASES
South Africa
Main exports: Gold, minerals and coal briquettes.
2024 export value: $14.7 billion.
Trade relationship value: $20.5 billion.
Tariff: 30%.
Impact: South African President Cyril Ramaphosa was quick to push back on Trump’s 30% tariff, saying the figure is based on inaccurate trade data between the two countries. Ramaphosa added that he will continue to engage in trade talks with the Trump administration. The U.S. is South Africa’s second-largest trading partner, behind China.
In 2024, U.S. exports to South Africa totaled approximately $5.8 billion — about $1.3 billion less than the previous year. By contrast, U.S. imports from South Africa were significantly higher, reaching around $14.7 billion, according to data provided by the U.S. Trade Representative.
TRUMP CONFIRMS AUGUST 1 DEADLINE FOR COUNTRIES TO REACH TRADE DEALS
Thailand
Main exports: Automobiles, electronics, machinery, agriculture.
2024 export value: $63.3 billion.
Trade relationship value: $81.0 billion.
Tariff: 36%.
Impact: Thailand’s top two trading partners are the U.S. followed by China. In 2024, Thailand exported $63.3 billion to the U.S. and imported $17.7 billion in American goods. Bangkok has offered more trade concessions to Washington in order to avert the 36% tariff.
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