U.S. President Donald Trump has issued formal tariff letters to 14 countries (Japan, South Korea, Malaysia, Kazakhstan, Tunisia, South Africa, Bosnia & Herzegovina, Indonesia, Serbia, Bangladesh, Cambodia, Thailand, Laos, and Myanmar), threatening 25–40% reciprocal tariffs unless “balanced trade deals” are signed by August 1, 2025. The move signals a dramatic escalation in U.S. trade tensions, with global markets reacting sharply.