<h1>President announces 25% tariffs on Asian imports, varying rates on twelve countries starting August 1st</h1> The President announced 25% tariffs on imports from two Asian nations and varying tariff rates on twelve other countries, effective August 1st. Import taxes range from 25% to 40% across different nations including Myanmar, Cambodia, Thailand, Serbia, Bangladesh, Indonesia, South Africa, and others. The administration declared an economic emergency to impose these unilateral trade measures, citing past trade deficits as justification. Letters were sent to foreign leaders warning against retaliation or face additional tariff increases. Stock markets declined following the announcement, with the S&P 500 dropping nearly 1%. The tariffs aim to fund recently signed tax cuts and encourage domestic manufacturing, though experts question the strategic impact on relationships with key allies.