Tariff not fulcrum on which to lever US economy to move world

In an unexpected yet familiar move, United States President Donald Trump has once again brought tariffs to the center stage of global economic discourse. In letters sent to the governments of 14 countries on Monday, he made it clear that the new tariff rates will apply from Aug 1.

The Republic of Korea, Japan, Malaysia, Kazakhstan, South Africa, Myanmar, Laos, Tunisia, Indonesia, Bangladesh, Serbia, Bosnia and Herzegovina, Cambodia and Thailand have been made to understand that the existing tariff rates are "far less than what is needed to eliminate the Trade Deficit disparity we have with your Country". He also warned that if these countries raise their tariffs in response, the US will increase its tariffs by the same amount.

Later, on Monday afternoon, Trump signed an executive order extending the tariff deadline from July 9 to Aug 1.